Hirayama Holdings Co. Ltd. (7781:TYO), a Tokyo-based provider of engineering and manufacturing staffing and outsourcing, announced that it has acquired Bridgestone Green Landscape Co., Ltd (BGSL), also based in Japan.

Hirayama has acquired all issued shares and has made BGSL a subsidiary with effect from 30 May 2023.

The price of the transaction was not disclosed.

BGSL is involved in ancillary work related to tire and steel cord production. The company also has a labour dispatching business and a paid employment placement business.

According to Hirayama, BSGL, which has Bridgestone Corporation as a customer, plays a role in global production and undertakes ancillary work such as tire manufacturing at its four factories in Kyushu.

“We have a wealth of experience in ancillary work related to tire and steel cord production,” Hirayama stated. “The Hirayama Group has recently welcomed BSGL as a group company, and will further contribute to the production of the Bridgestone Group by generating synergistic effects with BSGL through the improvement of the workplace, which is the strength of the Hirayama Group.”

On the impact of its financial performance, Hirayama stated, “We believe that this share acquisition will contribute to the improvement of our business performance. The impact on our company for the fiscal year ending June 2023 will be minor. The impact on the company's consolidated results for the fiscal year ending June 2024 will be announced in the financial results forecast for the fiscal year ending June 2024.”

Earlier this month Hirayama reported revenue increased by 15.4% year over year in the first nine months of its fiscal year to 31 March 2023.