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| December 17, 2001 |
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| Concerning Integration of Fertilizer Businesses |
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Mitsubishi Chemical Corporation
Nippon Kasei Chemical Co., Ltd. |
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Mitsubishi Chemical Corporation (MCC; Head Office: Chiyoda-ku, Tokyo; President:
Kanji Shono) and its consolidated subsidiary, Nippon Kasei Chemical Co., Ltd.
(Head Office: Iwaki City, Fukushima Prefecture; President: Michiharu Ichimanda)
have agreed to integrate their compound fertilizer business to a new company which
Mitsubishi Chemical will establish.
On April 1, 2002, Mitsubishi Chemical will separate its fertilizer-related businesses
and establish a new company. After having an approval at the shareholders' meeting
which is planned for June 2002, Nippon Kasei Chemical will transfer its compound
fertilizer business to the new company in September 2002.
Japan's fertilizer business has continuously faced with severer environment because
of the drop in demand due to declining farming land and increase of inexpensive
imports, and it has been an urgent issue to pursue efficiency in business. The
both companies have so far endeavored to maintain and strengthen competitiveness
by Mitsubishi Chemical selling the fertilizers produced by Nippon Kasei Chemical.
However, by the integration of compound fertilizer businesses, the two companies
will reinforce the business by means of efficient production system, establishment
of effective sales organization, and rationalization of distribution and, at the
same time, will strengthen the development of new products that meet the needs
of the recent agriculture.
Outlines of the new company as well as Mitsubishi Chemical and Nippon Kasei Chemical
are as follows:
| 1.Outline of the new company |
| (1)Name |
: |
Not yet decided |
| (2)Establishment |
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April 1, 2002 (plan) |
| (3)Date of integration |
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September 1, 2002 (plan) |
| (4)Head Office |
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Chiyoda-ku, Tokyo (plan) |
| (5) Plants |
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Kurosaki (at Mitsubishi Chemical's Kurosaki Plant),
Mizushima (at Mitsubishi Chemical's Mizushima Plant), and Onahama (at Nippon Kasei
Chemical's Onahama Plant) |
| (6) President |
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Not yet decided |
| (7) Capital |
: |
Yen 1.5 billion (to be wholly financed by Mitsubishi
Chemical) (plan) |
| (8) Line of business |
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Production and sales of compound fertilizers and
others |
| (9) Targeted annual sales |
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About Yen 24 billion |
| 2.Outlines of Mitsubishi Chemical and Nippon
Kasei Chemical |
| (1)Mitsubishi Chemical Corporation |
| Capital |
: |
Yen 145,086 million (as of September
30, 2001) |
| Sales (non-consolidated) |
: |
Yen 781,501 million (for the ending
in March 2001) |
Sales of compound fertilizer business:
Yen 31,390 million (for the ending in March 2001)
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| (2)Nippon Kasei Chemical Co., Ltd. |
| Capital |
: |
Yen 6,593 million (as of September
30, 2001) |
| Sales |
: |
Yen 25,835 million (for the ending
in March 2001) |
Sales of compound fertilizer business:
Yen 8,258 million (for the ending in March 2001)
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| For further information, please contact |
| Public Relations Department, |
| Mitsubishi Chemical Corporation |
| Tel: [+81] 3-3283-6254 |
| General Affairs Dept., |
| Nippon Kasei Chemical Co., Ltd. |
| Tel: [+81] 3-5540-5863 |
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