Mitsubishi Plastics, Inc. (Head Office: Chiyoda-ku, Tokyo; President Takumi Ubagai) hereby announces its decision to change the name of its Chinese subsidiary Wuxi Lingshu Agricultural Film & Material Technology Co., Ltd. (Head Office: Wuxi, Jiangsu Province, China; Atsushi Obayashi, Chairman; hereinafter referred to as "Wuxi Lingshu"), to "Mitsubishi Plastics Agricultural Technology Wuxi, Ltd.," effective January 1, 2014. Wuxi Lingshu is engaged in the manufacture and sale of high functional film for agricultural greenhouses in the Chinese market.

Mitsubishi Plastics’ business in agricultural materials has been developed mainly in the Japanese market by its subsidiary Mitsubishi Plastics Agri Dream Co., Ltd. In China, Wuxi Lingshu began operating a plant (with a production capacity of 4,000 tons per year) for production of polyolefin film as outer covering for agricultural greenhouses in August 2013. It is a developing business which directed to greenhouse farming in China; also, the scales of such farming are being enlarged against the background of efforts to modernize agriculture.

The new name will begin with "Mitsubishi Plastics" from January 1st 2014. We hope this change will serve to implant a high-functioning image for the products among distributors, farmers, and other customers in China. We also expect it to raise levels of trust and dependability even higher, and thereby help to lay a solid foundation for our business in China as soon as possible.

The Mitsubishi Plastics Group is going to redouble its efforts for expansion of agribusiness solutions. More specifically, besides broadening our sales of highly functional film for agricultural greenhouses in China, we are considering steps such as commercialization of solar powered plant factories, which are now undergoing verification tests, beginning in the spring 2014.

 

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