Jul. 10, 2012
Mitsui & Co., Ltd. ("Mitsui", Head office: Chiyoda-ku, Tokyo, CEO: Masami Iijima) has executed a share purchase contract to acquire 49.9% of the issued shares of National Plant and Equipment Pty Ltd. ("NPE"), an Australian focused mining equipment rental business. On completion of Mitsui's share acquisition in NPE, Mitsui will become an effective participant in the mining equipment rental business in Australia, while also considering additional investments in the future.
In Australia, rental demand for equipment in the mining industry is increasing rapidly and it is expected that the market will continue to expand with the increase in the production of coal, iron ore and other commodities.
NPE currently has numerous offices throughout Australia, and has in excess of 200 units of large-sized mining and associated equipment. NPE supplies mining companies and mining contractors across many sites and commodities including coal, iron ore, gold and others. Mining equipment rented from NPE is usually characterized by a medium to long term rental period, thus a stable income in rental is expected.
Mitsui currently also has an Australian incorporated joint venture companies with Komatsu Ltd. for the distribution, financing and aftersales support services for Komatsu equipment in Australia. Via this new participation in the mining equipment leasing business through its interest in NPE, Mitsui seeks to expand the mining equipment supply chain and to continue the quick and efficient supply of mining equipment to all mining equipment users.
Summary of National Plant and Equipment
|Name||National Plant & Equipment Pty Ltd.|
|Head Office||Australia, State of Queensland|
|Managing Director||Mark Ackroyd (Founder)|
|Main Business||Rental of mining equipment|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.
For inquiries on this matter, please contact
Mitsui & Co., Ltd.
Corporate Communications Division
The information contained in this news release is true and accurate at the time of publication; however, it may be subject to change without prior notice.