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| January 9, 2003 |
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| The Start of A Polystyrene Business Company |
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Asahi Kasei Corporation
Mitsubishi Chemical Corporation
Idemitsu Petrochemical Co., Ltd.
A&M Styrene Co., Ltd. |
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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) will start to explain about the reorganization and integration of the polystyrene business of the three companies to those concerned as follows:
| 1. |
Background
Based on the basic agreement reached on July 2, 2002, the three companies had proceeded with specific discussions on the reorganization and integration of their polystyrene business and, at the same time, had consulted with the Fair Trade Commission. On November 28, 2002, the commission formally accepted the "notification" relating to the business integration.
With the acceptance, the three companies have decided to start explaining about the integration to those concerned.
By the way, the name of the new company will be "PS Japan" with planned date of its start on April 1 this year to make a full preparation of the new company including the integration of information systems.
"PS Japan" will endeavor to meet the expectation of users by establishing stronger business foundation by means of integrating the technologies and sales power that the three companies have fostered.
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| 2. |
Outline of New Company
| (1) Company name: |
PS Japan |
| (2) Equity share: |
| Asahi Kasei |
45% |
| Mitsubishi Chemical |
27.5% |
| Idemitsu Petrochemical |
27.5% |
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| (3) President: |
To be dispatched from Asahi Kasei |
| (4) Employees: |
To be dispatched from the three companies |
| (5) Head office: |
Bunkyo-ku, Tokyo |
| (6) Turnover: |
About Yen 50 billion |
| (7) Start of business: |
April 1, 2003 (planned) |
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| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
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