MAKITA CORPORATION
Table of Contents

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of August, 2003

MAKITA CORPORATION

(Translation of registrant’s name into English)

3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan

(Address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:]

Form 20-F    x        Form 40-F ___

[Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]

Yes ___     No    x   

 

TABLE OF CONTENTS

SIGNATURES
Announcement About the Transfer of Real Estate Assets

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

         
        MAKITA CORPORATION
(Registrant)
         
    By:   /s/ Masahiko Goto
        (Signature)
        Masahiko Goto
        President

Date: August 28, 2003

 

Table of Contents

For immediate release

August 28, 2003

Company name: Makita Corporation
Representative: Masahiko Goto, President
Code number: 6586
Stock exchange listings: First sections of the Tokyo and
                                            Nagoya stock exchanges

Announcement About the Transfer of Real Estate Assets

1. Reason for Transfer

     Makita’s head office is in Anjo City, Aichi Prefecture. The central medical care facility in the northern portion of Anjo City, Yachiyo Hospital, has found it necessary to relocate its operations due to the aging of its current facility and the revision of Japan’s Medical Treatment Law. In view of this, aiming to contribute to the society of its home region, Makita decided to transfer a portion of the land and buildings of its No. 3 Plant to Yachiyo Hospital. In connection with this, it was also decided to transfer land to the government of Anjo City for use as a public parking lot.

2. Assets to Be Transferred

             
Description of asset   Book value   Transfer price   Current status
 
 
 
Land and buildings at
2-249-1, Sumiyoshi-cho, Anjo City, Aichi Prefecture
Land area; 32,389m2
Building floor space: 20,413m2
   ¥799 million   ¥3,963 million   Used as a corporate parking lot and for other purposes until early August, 2003

Note:   Of the assets described above, 18,670m2 of land and all the buildings are to be transferred to Yachiyo Hospital, while 13,719m2 of land is to be transferred to Anjo City.

3. About the Receivers of the Assets

         
Name   Shinwakai Foundation
Yachiyo Hospital Medical Corporation 		  Anjo City Land Development Public Corporation
         
Address   1-10-13, Toei-cho, Anjo City, Aichi Prefecture   18-23, Sakuramachi, Anjo City, Aichi Prefecture
         
Representative   Taichiro Sato   Kenji Omi
         
Capital   ¥453 million (as of March 31, 2003)   —
         
Primary business   General hospital   Purchased on behalf of Anjo City for public use
         
Relationship with
Makita		   No special relationship   No special relationship

 

Table of Contents

4. Date of Asset Transfer

     
August 28, 2003   Contract signing
 
September 18, 2003   Transfer of land and buildings ownership (to Yachiyo Hospital)
 
By March 31, 2004   Transfer of land ownership (to Anjo City Land Development Public Corporation)

5. Projection of Performance in the Current Fiscal Year

     Estimates of the profits realized in connection with the asset transfers have already been included among bases for performance projections.

 

(Reference) Projected Performance in the Current Fiscal Year and Actual Performance in the Previous Fiscal Year

    Consolidated Performance (Announced on July 31, 2003) (millions of yen)
                                                 
    Interim Period   Full Fiscal Year
   
 
            Income before                   Income before        
    Net sales   income taxes   Net income   Net sales   income taxes   Net income
   
 
 
 
 
 
Consolidated performance (Fiscal year ending March, 31, 2004)
     87,000       8,200       4,000       176,500       14,200       7,000  
Consolidated performance (Fiscal year ended March, 31, 2003)
     87,648       4,423       3,137       175,603       9,292       6,723  

 

    Non-consolidated Performance (Announced on April 25, 2003) (millions of yen)
                                                 
    Interim Period   Full Fiscal Year
   
 
    Net sales   Ordinary income   Net income   Net sales   Ordinary income   Net income
   
 
 
 
 
 
Non-consolidated performance (Fiscal year ending March, 31, 2004)
     43,000       4,000       3,800       86,000       7,800       5,200  
Non-consolidated performance (Fiscal year ended March, 31, 2003)
     42,651       3,364       1,380       86,132       7,551       1,494  

 

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements based on Makita’s own projections and estimates. The power tools market, where Makita is mainly active, is subject to the effects of rapid shifts in economic conditions, demand for housing, currency exchange rates, changes in competitiveness, and other factors. Due to the risks and uncertainties involved, actual results could differ substantially from the content of these statements. Therefore, these statements should not be interpreted as representation that such objectives will be achieved.