Serendip Holdings Co., Ltd. (7318) said its board on Oct. 20, 2026 approved a plan for subsidiary Serendip Automotive Co., Ltd. to absorb fellow subsidiaries Mitsuiya Kogyo Co., Ltd. and Excel Co., Ltd., with the merger scheduled to take effect April 1, 2027.
Serendip Automotive will be the surviving company, while Mitsuiya Kogyo and Excel will be dissolved. No new shares will be issued and no cash or other consideration will be paid. Serendip Holdings holds 100% of the voting rights in Serendip Automotive, which in turn wholly owns Mitsuiya Kogyo and Excel. All three companies share the same president. Mitsuiya Kogyo, founded in 1948, develops, makes and sells auto parts and synthetic resin products; Excel, founded in 1970, makes automotive interior and exterior products.
As announced Nov. 18, 2025, the group has been integrating Mitsuiya Kogyo and Excel around their shared resin-molding technology. Serendip Holdings said the merger will put the two businesses under a single management structure and chain of command to speed decision-making, optimize resource allocation and consolidate personnel and administrative functions.
Ahead of full integration on April 1, 2027, the group will run operations, including production, under four divisions — business, engineering, corporate and manufacturing — while unifying commercial channels, combining production, shipping and quality assurance, and moving accounting, finance and IT to a new framework. The company described the move as part of its roll-up M&A strategy to accelerate growth in its auto parts business.
| FY to March 2026 (¥ million) | Serendip Automotive | Mitsuiya Kogyo | Excel |
|---|---|---|---|
| Net sales | 57 | 11,182 | 6,709 |
| Operating profit | -25 | 621 | 198 |
| Net income | 175 | 535 | 389 |
| Net assets | 3,213 | 3,473 | 9,107 |
| Total assets | 12,188 | 12,385 | 10,068 |
The surviving company's name, location, representative, business, capital and fiscal year-end will not change. Serendip Holdings said the impact on its consolidated results will be minor.
The merger agreement is scheduled to be signed Dec. 25, 2026, with the merger set to take effect April 1, 2027.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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