 |
|
|
 |
|
|
|
|
| July 3, 2002 |
|
| Concerning Integration of Polystyrene Business |
|
Asahi Kasei Corporation
Mitsubishi Chemical Corporation
Idemitsu Petrochemical Co., Ltd.
A&M Styrene Co., Ltd. |
|
Asahi Kasei Corporation (Head Office: Yurakucho 1 chome, Chiyoda-ku; President: Kazumoto Yamamoto), Mitsubishi Chemical Corporation (Head Office: Marunouchi 2 chome, Chiyoda-ku, Tokyo; President: Ryuichi Tomizawa), and Idemitsu Petrochemical Co., Ltd. (Head Office: Yokoami 1 chome, Sumida-ku; President: Teruo Umayabashi) have recently agreed to establish a joint venture company to integrate the polystyrene business of A&M Styrene Co., Ltd. (A&M), a 50-50 joint venture company of Asahi Kasei and Mitsubishi Chemical, and that of Idemitsu Petrochemical.
From now on, the three companies will commence the new business as early as practicable, but not later than the end of this year, upon obtaining prior consent from Fair Trade Committee in Japan.
Up until now, both A&M and Idemitsu have proceeded to realize the polystyrene supply to match the demand and improve profitability through integration and termination of facilities and various rationalizations. However, the current environment surrounding the polystyrene business has become increasingly severe year by year due to prolonged stagnation of domestic demand, shift to overseas of production bases of user industry, and fierce competition with overseas manufacturers. Under these circumstances, the three companies have reached to the agreement that it is indispensable to integrate the business in order to reinforce international competitiveness on a stronger business position, including further integration and termination of facilities.
Outline of the new company is as follows:
| 1. Line of business: |
Manufacturing, sales and research and development of polystyrene in Japan
As to the overseas business, the three companies will confer from now on. |
| 2. Time of business start: |
By the end of 2002 (expected) |
| 3. Annual turnover: |
Approx. Yen 50 billion |
| 4. President: |
To be appointed from Asahi Kasei |
| 5. Employee force: |
To be loaned from the three companies |
| 6. Equity share: |
Asahi Kasei (45%), Mitsubishi Chemical (27.5%), Idemitsu Petrochemical (27.5%)
As to the name of the new company, location of head office, and capitalization, they are not yet determined. |
Production capacity of polystyrene:
Unit: tons/year
|
A&M Styrene |
Idemitsu Petrochemical |
Total |
| Mizushima |
108,000 |
- |
108,000 |
| Chiba |
207,000 |
130,000 |
337,000 |
| Yokkaichi |
85,000 |
- |
85,000 |
| Total |
400,000 |
130,000 |
530,000 |
* A&M Styrene Co., Ltd. is a 50-50 joint venture company between Asahi Kasei and Mitsubishi Chemical.
Total: 530,000 tons/year
Outline of the involved companies:
| Asahi Kasei Corporation |
| 1. Head office: |
1-1-2 Yurakucho, Chiyoda-ku, Tokyo |
| 2.
President: |
Kazumoto Yamamoto |
| 3. Paid-in capital: |
Yen 103.4 billion (as of March 31, 2002) |
| 4. Consolidated sales: |
Yen 1,195.3 billion (for the fiscal year ending in March 2002) |
| Mitsubishi Chemical Corporation |
| 1. Head office: |
2-5-2 Marunouchi, Chiyoda-ku, Tokyo |
| 2. President: |
Ryuichi Tomizawa |
| 3. Paid-in capital: |
Yen 145.1 billion (as of March 31, 2002) |
| 4. Consolidated sales: |
Yen 1,780.3 billion (for the fiscal year ending in March 2002) |
| Idemitsu Petrochemical Co., Ltd |
| 1. Head office: |
1-6-1 okoami, Sumida-ku, Tokyo |
| 2. President: |
Teruo Umayabashi |
| 3. Paid-in capital: |
Yen 17.4 billion (as of March 31, 2002) |
| 4. Consolidated sales: |
Yen 400 billion (for the fiscal year ending in March 2002) |
| A&M Styrene Co., Ltd |
| 1. Head office: |
1-4-1 Koishikawa, Bunkyo-ku, Tokyo |
| 2. President: |
Jun Aranami |
| 3. Paid-in capital: |
Yen 5 billion (as of March 31, 2002) |
| 4. Consolidated sales: |
Yen 34.6 billion (for the fiscal year ending in March 2002) |
| For further information, please contact |
| Public Relations Office, |
| Asahi Kasei Corporation |
| Tel: [+81]-(0)3-3507-2060 |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
| General Affairs Dept., |
| Idemitsu Petrochemical Co., Ltd. |
| Tel: [+81]-(0)3-3829-1046 |
| Planning and Administrative Dept., |
| A&M Styrene Co., Ltd. |
| Tel: [+81]-(0)3-5689-6543 |
|
|
|
 |
|
|
|
