Japan's ETIC to back merger plan for Fuji Technica
State-backed Japanese turnaround fund the Enterprise Turnaround Initiative Corporation of Japan (ETIC) will support financing to Fuji Technica Inc., the country's second-ranked metal mold manufacturer, which intends to acquire Miyazu Seisakusho So., the third-ranked operator in the space, currently restructuring its operations to sustain business by cutting down its work force and closing factories.
The government turnaround unit, formed to help failing companies to survive, will invest JPY5.3 billion ($62.4 million) in Fuji Technica, which will also ask major banks including Shizuoka Bank, to securitize...
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