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| July 3, 1996 |
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| Reorganization of Japan Ester Corporation |
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Unitika Ltd.
Kanebo Corporation
Mitsubishi Chemical Corporation |
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Unitika Ltd., Kanebo Corporation and Mitsubishi Chemical Corporation have agreed
to reorganize the Nippon Ester Co., Ltd., a joint venture between the three companies
for the production of polyester fiber and resin.
The three companies have been deliberating for some time on the best course of
action to take in view of the imbalance in supply and demand in Southeast Asia
for the short-fiber polyester produced by Nippon Ester, which has been aggravated
by a loss in profitability due to the strengthening of the yen, and a rapid increase
in the quantity of imported products using polyester fiber. It has been decided
that the company should be reorganized to allow the respective companies to concentrate
on the field in which they excel, enhancing efficiency and strengthening the base
of operations.
The details are as follows:
| (1) |
Production of short-fiber polyester by Japan Ester at the Echizen
Plant shall be terminated on or before Sept. 30, 1996. |
| (2) |
Kanebo and Mitsubishi Chemical will establish a polyester resin
production company as a joint venture, and the Nippon Ester Echizen Plant site,
buildings and polyester resin production facilities will be transferred to the
new company by Sept. 31, 1996. |
| (3) |
Kanebo will transfer the raw fiber sales from its overall short-fiber
polyester business to Unitika by Sept. 30, 1996, implementing a transition to
concentrate on polyester resin. |
| (4) |
Kanebo will transfer all of the stock that it owns in Nippon Ester
to Unitika and Mitsubishi Chemical as of Mar. 31, 1997. |
The above reorganization will transform Nippon Ester into a joint venture between
Unitika and Mitsubishi Chemical, with all operations conducted at the Okazaki
Plant.
1. Outline of Nippon Ester
| (1) President |
Koichi Matsuya |
| (2) Location |
4-1 Hinakitacho, Okazaki-shi, Aichi Pref. |
| (3) Establishment |
April 1, 1966 |
| (4) Business Lines |
Production of polyester fiber and resin |
| (5) End of Fiscal Period |
March 31 |
| (6) Employees |
586 |
| (7) Offices/Plants |
Osaka head office, Echizen plant, Okazaki plant |
| (8) Capital |
7.5 billion yen |
| (9) Outstanding Stock |
15 million shares |
| (10) Total Assets |
44.784 billion yen |
| (11) Performance |
| Sales |
43.761 billion yen
(For fiscal period ending March 31, 1996) |
| Operating Profit |
139 million yen |
| Profit for current period |
0 |
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| (12) Equity Share(current) |
| Unitika |
6.5 million shares (43.3%) |
| Kanebo |
4.5 million shares (30.0%) |
| Mitsubishi Chemica |
4.0 million shares (26.7%) |
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| (13) Equity Share |
| Unitika |
9.28 million shares (61.9%)
(after reorganization) |
| Mitsubishi Chemical |
5.720 million shares (38.1%)
(after reorganization) |
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| (14) Production Capacity |
| Polymerized polyester |
Approx. 180,000 tons/year |
| Long-fiber polyester |
Approx. 30,000 tons/year |
| Short-fiber polyester |
Approx. 50,000 tons/year |
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| (15) Other Details |
Plans call for the 4 billion yen in capital for Nippon Ester to
be paid after April, 1997 (Equity share: Unitika 60%, Mitsubishi Chemical 40%). |
2. Outline of Polyester Resin Production Company
| (1) Company Name |
Undecided |
| (2) Equity Share |
Kanebo 50% Mitsubishi Chemical 50% |
| (3) Production Capacity |
Polyester resin, Approx. 60,000 tons/year |
| For further information, please contact |
| Unitika Corporation, |
| Public Relations & Advertising Division |
Tel: [+81] 3-3246-7536 (Tokyo)
Tel: [+81] 6-281-5695 (Osaka) |
| Kanebo Corporation, |
| Public Relations Division |
Tel: [+81] 3-5446-3042 (Tokyo)
Tel: [+81] 6-922-8092 (Osaka) |
| Mitsubishi Chemical Corporation, |
| Public Relations Dept., |
| Tel: [+81] 3-3283-6274 |
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