 |
|
|
 |
|
|
|
|
| October 23, 2002 |
|
| JSP and Mitsubishi Chemical Foam Plastic reached to an agreement in principle to merge |
|
JSP Corporation
Mitsubishi Chemical Foam Plastic Corporation |
|
JSP Corporation and Mitsubishi Chemical Foam Plastic Corporation reached to an agreement in principle to merge.
Tokyo, Japan, October 23, 2002 - JSP Corporation ("JSP") and Mitsubishi Chemical Foam Plastic Corporation ("MFP") announced today that the companies have reached to an agreement in principle to merge.
Realization of the transaction will be subject to several conditions, including satisfactory completion of due diligence related to operational and other issues, the execution of definitive documentation, shareholders' and regulatory approvals and necessary consents. The transaction is expected to close on the 1st of July 2003.
The contemplated merger would join two leading foamed plastic companies to create a Japan based global enterprise that is highly competitive in the sector.
As a result of the merger, MFP shareholders would own approximately 4.7% of the total issued shares of JSP.
The new company will be much stronger in several important respects:
*Leadership position in foamed plastic industry;
*Significant cost savings;
*Leadership position in foamed plastic molding;
*Broad technology portfolio; and
*Superior organizational capability.
Masaaki Harada, JSP president, will serve as president of new company.
The existing staff of both companies will be retained.
The new company will build on product lines and develop integrated systems to improve productivity and competitiveness. Plans for future development, structure and organization of the merged company will be developed.
JSP, based in Tokyo, Japan, is one of the nation's leading comprehensive producers and suppliers of foamed plastic products, with consolidated total assets of approximately 68.8 billion yen. Its group supplies all phases of the foamed plastics for automobile components, packaging materials and materials for construction and civil engineering.
MFP, based in Tokyo, Japan, is a leading manufacturer of EPS (Expandable polystyrene) in Japan and is also a producer of EPP (Expanded polypropylene). Its assets total is approximately 11.3 billion yen. Mitsubishi Chemical Corporation holds 90% of MFP's shares.
| For further information, please contact |
| Ken Toyoguchi, Managing Director, Corporate Planning |
Hitoshi Yamamoto, Group Leader, Finance and Accounting
JSP Corporation |
| Tel: [+81]-(0)3-3503-6988 |
| Consumer contact |
| Kiyoaki Wakita, President |
| Mitsubishi Chemical Foam Plastic Corporation |
| Tel: [+81]-(0)3-3287-8150 |
|
|
|
 |
|
|
|
