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| March 22, 2001 |
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| Mitsubishi Establishes
Joint Venture for Acrylonitrile, Acrylamide, Polyacrylamide and Related Activities |
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Mitsubishi Chemical Corporation
Mitsubishi Rayon Co., Ltd. |
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In October 2000, Mitsubishi Chemical Corporation (headquarters: Chiyoda-ku,
Tokyo, President: Kanji Shono) and Mitsubishi Rayon Co., Ltd. (headquarters: Minato-ku,
Tokyo, President: Yoshiyuki Sumeragi) reached agreement in principle to merge
their business operations relating to acrylonitrile (AN) and its derivatives acrylamide
(AAM) and polyacrylamide-type flocculants (polyacrylamide), and other related
business activities. The two companies have since been making preparations for
the launch of the joint venture, and most details have now been decided, as outlined
below.
It was initially planned to merge the operations of the two companies
as of April 1, 2001, but a detailed and careful prior investigation of the method
and procedures to be used to establish the joint venture indicated that the process
would take longer than anticipated. The target launch date is now July 1, 2001.
The business environment for AN, AAM and polyacrylamide manufacturers
has been affected by escalating competition resulting from the internationalization
of markets. This was reflected in increasing pressure to reduce costs and rationalize
operations, and radical business restructuring in this area had become an urgent
priority. The new company will work to rebuild business operations by maximizing
the benefits of integration. This will be achieved by strengthening R&D activities,
by enhancing technical services, and by developing a highly efficient structure
through the reduction of manufacturing and distribution costs.
Data
| 1. |
Name |
English name is to be decided |
| 2. |
President |
To be decided (to be appointed initially by Mitsubishi Chemical,
and in rotation thereafter) |
| 3. |
Headquarters |
12-5, Kyobashi 1-chome, Chuo-ku, Tokyo |
| 4. |
Factories |
Yokohama,Toyama,Mizushima,Otake, Kurosaki |
| 5. |
Start of operations |
July 1, 2001 (tentative) |
| 6. |
Capital |
To be decided |
| 7. |
Capital structure |
Mitsubishi Chemical 50%, Mitsubishi Rayon 50% |
| 8. |
Activities |
Manufacturing, sales and R&D activities relating to AN, AAM,
polyacrylamide (anion, nonion and cation), N-vinylformamide and its polymers,
acetoncyanohydrin, AN and AAM production catalysts.
Both parent companies will continue to sell AAM for use as a paper-strengthening
agent. |
| 9. |
Sales |
Approximately 
30 billion |
| 10. |
Employees |
Approximately 200 |
| For further information, please contact |
| Public Relations Department |
| Mitsubishi Chemical Corporation |
| Tel: [+81] 3-3283-6274 |
| Public and Investor Relations Office |
| Mitsubishi Rayon Co., Ltd. |
| Tel: [+81] 3-5495-3100 |
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