NAGOYA (Kyodo) A year ago at Pokka Corp.'s headquarters, then Managing Director Masatoshi Hori asked senior executives if a management buyout was possible.

After a brief silence, one spoke up: "This company will not change unless we do it. So let's do it."

About three months later, on Aug. 22, 2005, the Nagoya-based beverage maker, which was listed on the first section of the Tokyo Stock exchange, announced the management buyout and began buying back stock from shareholders. By December, Pokka had ended its 20-year history as a listed company.