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 February, 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]
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: February 28, 2003
For immediate release
February 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
For further information, contact
Kenichiro Nakai, Director and General Manager of the
Administration Headquarters
Telephone: In Japan: 0566- 97-1717, from overseas: +81-566-97-1717
TRANSFER TO GOVERNMENT OF THE SUBSTITUTIONAL PORTION
OF THE EMPLOYEE'S PENSION FUND
Accompanying the implementation of the Law Concerning Defined Benefit Pension
Plans, Makita Corporation has received an exemption, effective January 30, 2003,
from the Ministry of Health, Labour and Welfare regarding its obligations for
future payments related to the portion of the Makita Employee's Pension Fund.
Since the temporary measures under Article 47-2 of the Guidelines for Retirement
Pension Accounting (Interim Report) (Report No. 13 of the Committee on the
Accounting System of the Japan Association of Certified Public Accountants) are
not scheduled to apply to the Company, there will be no effect on the Company's
non-consolidated income statement determined in accordance with accounting
principles generally accepted in Japan for the current period under review. If
the temporary measures of Article 47-2 of the Guidelines were to be applied to
the Company's non-consolidated accounts, the Company would be viewed as likely
to report an extraordinary profit of approximately 5.0 billion yen on a
non-consolidated basis. The actual impact on income statement at the time of the
transfer of the aforementioned portion of the Employee's Pension Fund will vary
according to the asset management performance of the pension fund assets and
other factors.
With respect to its consolidated accounts, the Company will apply accounting
principles generally accepted in the United States as specified in Emerging
Issues Task Force Issue No. 03-02 "Accounting for the Transfer to the Japanese
Government of the Substitutional Portion of Employee Pension Fund Liabilities"
("EITF 03-02"). In accordance with EITF 03-02, the entire separation process
should be accounted for at the time of completion of the transfer to the
government of the substitutional portion of the benefit obligation and related
plan assets as a settlement transaction in accordance with Statement of
Financial Accounting Standards No. 88 "Employers' Accounting for Settlements and
Curtailments of Defined Benefit Pension Plans and for Termination Benefits". As
such, there will be no impact to the consolidated accounts for the current
fiscal year ending March 31, 2003 because the final transfer to the government
will not be made until after that date. The Company has not, as yet, determined
the ultimate impact of the settlement under EITF 03-02.