Jul. 1. 2011
Marubeni Corporation and Marubeni America Corporation (collectively “Marubeni”) have decided that it will undertake 100% of the private placement of new shares issued by Westlake Services, LLC ( ”Westlake”) for US$250 million and will participate in the management of Westlake.
Marubeni acquired a 20% equity position (the right to vote). Marubeni will send one full-time Director and one part-time Director and will contribute to further strengthen Westlake’s profit- base.
Westlake finances automobiles to consumer representatives in the United States. Westlake is the largest independent non-bank lender in the automotive retail finance business in the United States. With this investment, Marubeni will become a long-term partner to support and accelerate Westlake’s growth and profits.
|Location||: Los Angeles California|
|Foundation||: August 1988|
|President||: Ian Anderson|
|Capital||: US$465 million (after Marubeni’s participation)|
|Shareholders||: Family of founder and Employee Stock Ownership Plan: 79.97%|
|Marubeni Group: 20.03%|
|Business||: Automotive Finance|
|Past Result||: 88,000 installment receivables financed in 2010|