TonenGeneral Sekiyu K.K., a Japanese unit of the Exxon Mobile Corp. group, said Wednesday it will absorb its wholly owned subsidiary Kygnus Sekiyu Seisei K.K. on July 1.
The merger is in line with TonenGeneral Sekiyu's efforts to improve operational efficiency and increase competitiveness in order to better cope with the severe business environment, the Tokyo-based company said.
After the merger, TonenGeneral Sekiyu will be capitalized at 35.12 billion yen and have assets totaling 986.44 billion yen.