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| October 7, 2002 |
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| Separate Gas Manufacturing and Sales Business
Will Be Transferred |
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Taiyo Toyo Sanso Co., Ltd.
Kashima Oxygen Co., Ltd.
Mitsubishi Chemical Corporation |
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To reinforce the industrial gas business foundation of Mitsubishi Chemical Group
where competition has become severer, Taiyo Toyo Sanso Co., Ltd. (President: Yasunobu
Kawaguchi) and Mitsubishi Chemical Corporation (President: Ryuichi Tomizawa) have
recently agreed in the manufacturing and sales business of oxygen/nitrogen and
liquid oxygen/nitrogen/argon (hereafter referred to as "separate gases" ) that
Mitsubishi Chemical produces at its Kurosaki, Yokkaichi and Mizushima Plants using
air separation equipment as follows:
| 1. |
The separate gas manufacturing and sales business (business
right, fixed assets and inventory) of Mitsubishi Chemical will be transferred
to Kashima Oxygen Co., Ltd. (60% owned by Mitsubishi Chemical and 40% owned by
Taiyo Toyo Sanso) as form March 31, 2003. |
| 2. |
As the transfer is made, the name of Kashima Sanso will be changed
to "TM Air Co., Ltd." as from April 1, 2003 and its head office will be moved
to the head office of Taiyo Toyo Sanso. Then, at a later date, its capital will
be increased and the share of Taiyo Toyo Sanso's equity in TM Air will be raised
to two-thirds. |
| 3. |
The purchase and sales business of separate gases that Mitsubishi
Chemical is currently conducting will be transferred directly to Taiyo Toyo Sanso
as from March 31, 2003. |
Taiyo Toyo Sanso and Mitsubishi Chemical have positioned Taiyo Toyo Sanso as the
core of Mitsubishi Chemical Group's gas business since from the past and the two
companies have intensified the sales activity by integrating Nikko Sanso Co.,
Ltd., Nichigo Acetylene Co., Ltd. and Nippon Tansan Co., Ltd. as group companies
under the umbrella of Taiyo Toyo Sanso. The recently agreed transfer will be carried
out as a part of the intensification by extending to the manufacturing and sales
business of separate gases.
As a result, while Mitsubishi Chemical will be able to further promote rationalization
and efficiency of its industrial gas business, Taiyo Toyo Sanso will be able to
reinforce its manufacturing base of separate gases and further expand its industrial
gas business by acquiring the separate gas supply business through piping to the
petrochemical complex that the company did not have in the past.
<Outline of TM Air Co., Ltd. (Kashima Oxygen
Co., Ltd.)>
<Current Situation of Mitsubishi Chemical, Taiyo Toyo Sanso and Kashima Oxygen>
| For further information, please contact |
| Public Relations and Planning Dept., |
| Taiyo Toyo Sanso Co., Ltd. |
| Tel: [+81] 6-6449-7011 |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81] 3-3283-6274 |
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