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| May 30, 1996 |
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| Business Tie-up for Converting Plastic Film |
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Kojin Co., Ltd.
Mitsubishi Chemical Corporation |
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The Kojin Co., Ltd. (Head Office: Minato-ku, Tokyo, President: Hideo Noguchi)
and Mitsubishi Chemical Corporation (Head Office: Chiyoda-ku, Tokyo, President:
Akira Miura) have decided to form a joint venture company under which the converting
plastic film (hereinafter called CVF) sales operations of both companies will
be integrated. (Plans call for business to commence in October 1996. See attached
sheet for other details). As soon as possible within a 3-year period, this joint
venture company will also take over production. Kojin and Mitsubishi Chemical
already share production facilities through a joint investment program for a portion
of CVF operations for the two companies.The new agreement will further integrate
production and sales, strengthening the tie-up between the two companies.
Converting plastic film (CVF) is a term used for a variety of film products listed
on the attached sheet. These films are fused together, and are mainly used for
food wrapping.
Production volume in the CVF industry has remained relatively constant, but prices
have continued to stay in the doldrums, with competition intensifying due to the
influx of CVFfrom overseas sources. As a result, all companies in the industry
are concentrating on reducing overall cost, increasing product availability, developing
new uses and enhancing technical services in order to strengthen their respective
positions.
This led to the decision by both companies to implement radical policies to integrate
their operations, creating a new infrastructure to strengthen their competitive
edge in the marketplace.
| For further information, please contact |
| Kojin Co., Ltd., |
| General Affairs & Personnel Division, |
| Tel: [+81] 3-3242-3011 |
| Mitsubishi Chemical Corporation, |
| Public Relations Dept., |
| Tel: [+81] 3-3283-6274 |
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