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| June 27, 2002 |
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| Concerning Reorganization of Converting Films Business |
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Kohjin
Co., Ltd.
Mitsubishi Chemical
Corporation
Mitsubishi Chemical
Kohjin PAX Corporation |
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Kohjin Co. Ltd. (Head Office: Chuo-ku, Tokyo; President: Katsuyuki Yokota) and Mitsubishi Chemical Corporation (Head Office: Chiyoda-ku, Tokyo; President: Ryuichi Tomizawa) have agreed to dissolve the sales business of converting films that they have conducted through Mitsubishi Chemical Kohjin PAX Corporation (Head Office: Minato-ku, Tokyo; President: Yoshinori Yatani), a 50-50 joint venture company, as from September 1 this year.
With this decision, while Kohjin will continue its converting films (CVF) business by its own, Mitsubishi Chemical will transfer its CVF business (nylon-type and transparent super high gas barrier films) to Mitsubishi Plastics, Inc. (Head Office: Chiyoda-ku, Tokyo; President: Takehiko Sugasawa) as from September 1. Therefore, after the dissolution, nylon-type CVF which Mitsubishi Chemical Kohjin PAX (MKP) has sold will be produced and sold by Kohjin and Mitsubishi Plastics while transparent super high gas barrier films will be produced and sold by Mitsubishi Plastics.
Also, as to the biaxially oriented polyester films for packaging produced by Mitsubishi Polyester Film Corporation that MKP has sold, Mitsubishi Polyester Film will directly sell the products.
With the dissolution of the joint venture, the return of the trade name of "Mitsubishi" that MKP currently uses is under procedure now.
Kohjin and Mitsubishi Chemical had agreed to integrate their CVF business in the spring of 1996 to reinforce the business foundation by means of the reduction of total cost, expansion of product line, development of new applications, and strengthening of technology services. As the business environment had become severer due to price competition and increase of imports, and they established MKP, a sales joint venture company, on October 1 of the same year.
However, the prolonged economic slowdown and accompanying price decline are severer than the environment at the time of the establishment of MKP and, consequently, both the parent companies and MKP had studied various measures to reconstruct the CVF business. However, since the position of the future CVF business differs between the parent companies and their group companies, they reached to a conclusion it would be the best for the both companies to dissolve the CVF sales joint venture and conduct the future business by displaying their respective special features and predominance.
After the dissolution of the joint venture, Kohjin will manufacture and sell nylon-type CVF at its Plastic Films and Fine Chemicals Division and Mitsubishi Plastics will manufacture and sell nylon-type CVF and transparent super high gas barrier films at its Film & Packaging Material Division. A list of products to be handled by the both companies is attached.
Furthermore, the both companies will be able to handle the products of other company as a trading company in the future.
[Outline of Mitsubishi Chemical Kohjin PAX Corporation]
| 1. |
Head office: |
Minato-ku, Tokyo |
| 2. |
Paid-in capital: |
Yen 400 million (equally invested by Kohjin and Mitsubishi Chemical) |
| 3. |
President: |
Yoshinori Yatani |
| 4. |
Business line: |
Sales of the following products:
Biaxially oriented nylon film (BONYL )
Biaxially oriented polyester film (Diafoil)
Biaxially oriented co-extruded nylon film (SUPERNYL)
Transparent super high gas barrier film (TECHBARRIER) |
| 5. |
Turnover: |
Approximately Yen 10 billion |
| 6. |
Employee force: |
41 |
| For further information, please contact |
| Public Relations Dept., |
| Kohjin Co., Ltd. |
| Tel: [+81]-(0)3-3242-3011 |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
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Attachment:
List of Products
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Product Name |
Trade Name |
| Kohjin Co., Ltd. |
Biaxially oriented nylon film
Biaxially oriented co-extruded nylon film
Coating-type gas barrier nylon film |
BONYL
BONYL-SPY
BONYL-K |
| Mitsubishi Plastics, Inc. |
Biaxially oriented nylon film
Biaxially oriented co-extruded nylon film
Transparent super high gas barrier film |
SANTNYL
SUPERNYL
TECHBARRIER |
| Mitsubishi Polyester Film Corporation |
Biaxially oriented polyester film
(for packaging) |
Diafoil |
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