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| February 25, 2003 |
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| Mitsubishi Chemical creates new R&TD company |
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(TOKYO, JAPAN)
Mitsubishi Chemical
Corporation
(Head office:
Chiyoda-ku,
Tokyo; President:
Ryuichi Tomizawa)
announces that
MCC will establish
an independent
company as a
corporate central
research on
July 1, 2003.
The new firm
will consolidate
Mitsubishi Chemical's
Corporate Central
Research &
Technology Development
(R&TD) division,
i.e., MCC-Group
Science and
Technology Research
Center (STRC),
and the Center
for Analytical
Chemistry and
Science, Inc.
(CACs, Head
office: Yokohama;
President: Hideto
Kusumoto) which
specializes
in analysis
technology and
services. Mitsubishi
Chemical Corporation
(MCC) positions
the establishment
of the company
as an implementation
of the management
plan adopted
in November
2002 to strengthen
the MCC Group's
R&TD. By
becoming an
independent
entity with
much more entrepreneurial
spirit, the
R&TD will
have a clearer
mission to promote
business development
for a continuous
growth of the
MCC group. MCC
has long recognized
the importance
of research
and development
as an engine
for sustainable
growth, and
has therefore
made considerable
effort of product
innovation for
many years.
To accelerate
innovation,
MCC appointed
George Stephanopoulos,
A.D. Little
Professor of
Chemical Engineering
at Massachusetts
Institute of
Technology (MIT),
to the position
of Chief Technology
Officer (CTO)
in July 2000.
Under his leadership,
MCC embarked
on a thorough
reformation
and rejuvenation
of R&TD.
In 2001 research
& development
was reorganized
to form three
research centers
for R&TD
of business
segments and
MCC-Group STRC
as a corporate
central research.
STRC conducted
research fully
aligned with
the business
strategy and
shifted its
orientation
from process-oriented
to product-oriented
R&D to generate
more value-added
products. STRC
also introduced
a project management
system, and
commits in delivering
results in the
shortest possible
timeframe. Another
part of the
new company,
present CACs,
was established
in January 2000,
from analytical
division. This
subsidiary contributed
greatly by providing
analysis services
to MCC Group
Companies, which
were cost competitive
and customer-oriented,
and helped in
strengthening
MCC's R&TD.
The management
plan framework
announced in
November 2002
states that
MCC is going
to allocate
resources steadily
in R&TD
from a long-term
viewpoint, to
focus on certain
areas of technologies,
and to accelerate
innovation.
At the same
time, R&TD
is going to
be integrated
with MCC Group
businesses and
provide synergistic
solutions for
customers. In
other words,
R&TD is
key to strengthen
comprehensive
competencies
of the MCC Group.
Japanese chemical
industry will
surely be faced
with increased
competition
especially from
Asian countries,
and other regions.
The industry
must decide
its direction
to have its
certain positioning
in the world.
In this environment,
MCC continues
to focus on
innovation through
R&TD by
advancing and
integrating
its technologies
with a recognition
by the management
that"R&TD
as the center
of the new MCC."
Where basic
and investigative
research is
concerned, MCC
will continue
comprehensive
research partnership
with universities
and research
institutes at
home and abroad.
This is illustrated
by our extensive
collaboration
with University
of California
at Santa Barbara,
with Kyoto University
International
Innovation Center
and other four
companies, and
with the Agency
of Industrial
Science and
Technology (AIST),
and other.
[New Company Summary]
| 1. |
Corporate name: to be established |
| 2. |
Date of founding: July 1, 2003 |
| 3. |
Head offices: Chiyoda-ku, Tokyo, Japan |
| 4. |
President: Makoto Imanari, [serves concurrently as MCC's Managing Director and CTO] |
| 5. |
Paid-in capital: 2.53 billion yen |
| 6. |
Ownership shares: MCC, 90%; other Group Companies, 10% |
| 7. |
Business: Research, development, analysis, technology licensing, patent licensing and other such activities relating to the chemical industry overall |
| 8. |
Sales: Approx. 17 billion yen in the first year (extrapolated for a full year), and about 20 billion per year thereafter |
| 9. |
Employees: About 750 (all seconded from MCC) |
<reference>
[CACs Summary]
| 1. |
Date of founding: January 2001 |
| 2. |
Head offices: Aoba-ku, Yokohama, Japan |
| 3. |
President: Hideto Kusumoto |
| 4. |
Paid-in capital: 30 million yen |
| 5. |
Business: Contract research, contract analysis |
| 6. |
Employees: About 150 |
| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
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