BNY Mellon Named as Depositary by SMC Corporation for its Sponsored ADR Program
NEW YORK, March 17, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by SMC Corporation as depositary bank for its American depositary receipt (ADR) program. Previously, the firm traded in the U.S. over-the-counter (OTC) market as an unsponsored DR. Each SMC ADR represents one-twentieth (1/20) of an ordinary share and trades OTC under the symbol 'SMCAY.' SMC's ordinary shares trade on the Tokyo Stock Exchange under the code '6273.'
Based in Japan, SMC Corporation is mainly engaged in the manufacture and sale of pneumatic equipment. The company develops a broad range of control systems and equipment, such as directional control valves, actuators, and airline equipment, to support diverse applications. SMC has a global engineering network, with technical facilities in the U.S., Europe, China and Japan, plus sales, production and R&D facilities in more than 50 countries.
"We are gratified to be able to enhance investor access through the establishment of a sponsored ADR program with BNY Mellon," said Ikuji Usui, SMC executive managing director. "BNY Mellon's outstanding reputation in the capital markets led us to appoint them as our depositary bank. Although many foreign investors are presently SMC shareholders, we look forward to building new relationships with U.S. investors, which will help SMC reach the next level in its development."
"We are pleased that SMC Corporation has chosen to avail themselves of the many benefits associated with a sponsored DR program," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "Our team will work closely with SMC to help them achieve their goal of heightened visibility and awareness in the global markets."
BNY Mellon acts as depositary for more than 2,700 American and global depositary receipt programs, acting in partnership with leading companies from 68 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee. BNY Mellon provides no advice nor recommendations or endorsement with respect to any company, security or products based on any index licensed by BNY Mellon, and we make no representation regarding the advisability of investing in the same.
SOURCE BNY Mellon