Micron Machinery Plans IPO

May 27, 2005
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KENTWOODJapan's Micron Machinery Co., the world's largest producer of centerless grinders and parent company of the U.S. operation based in Kentwood, will hold an initial public offering of 300,000 shares on June 27.

The shares will be listed on Japan's Jasdag Securities Exchange. The company expects to earn 390 million yen, roughly $3.63 million, through the IPO. Currently, its 50,000 shares are privately held.

The company's IPO price will be announced June 16, and all shares will be sold through a method called book-building, in which the company's bankers gauge demand by accepting orders at fixed prices.

The company said it plans to spend about a third of IPO profits on new equipment and set aside the balance as working capital.

In the fiscal year ending Nov. 30, Micron forecasts a net profit of $3.16 million on sales of $44.5 million.

Founded in 1961 in Yamagata, Japan, Micron opened U.S. operations in Kentwood in 1986. Two years ago, it opened a European office in Stuttgart, Germany      

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