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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) entered into an agreement to acquire 25% of shares in Hexagon Composites ASA ("Hexagon"), a Norwegian company listed on the Oslo Stock Exchange (Oslo Børs). Mitsui has also concluded a business alliance agreement with Hexagon. Mitsui plans to invest a total of approximately 833 million in NOK(¥11.0 billion JPY) in Hexagon, which is the world's biggest manufacturer of plastic-lined carbon fiber reinforced pressure cylinders ("composite cylinders").
Action to tackle global warming has become an urgent international priority. The development of lighter parts and materials to reduce energy consumption by transportation equipment, especially in motor vehicles, is seen as an important approach to the solution of this problem, and the market for lightweight materials, such as carbon fiber, is expected to expand rapidly. Lightweight composite cylinders supplied by Hexagon offer durable, safe solutions to meet the expanding need for the transportation and storage of natural gas and other fuels. Recently Hexagon has built on its track record in this field by developing high-pressure hydrogen cylinders for fuel cell vehicles, which run on hydrogen fuel without emitting noxious substances.
For almost 20 years, Mitsui and Hexagon have built a strong partnership centered on sales of composite cylinders. By drawing on this equity participation and business alliance, Mitsui will use its business assets and global network to expand Hexagon's business, while also contributing to the reduction of greenhouse gas emissions in the transportation sector.
Mitsui strives to develop business initiatives in seven key strategic domains defined in its New Medium-term Management Plan. This investment spans two of those key strategic domains: "mineral resources and materials", and "mobility". In April 2015, Mitsui signed an agreement concerning cooperation on composite materials research and an equipment lease agreement with the Innovative Composite Materials Research and Development Center ("ICC") of the Kanazawa Institute of Technology. Mitsui and ICC have since commenced collaborative development of new manufacturing methods for automotive parts and other products made of carbon fiber composite materials.
|Name of company||Hexagon Composites ASA|
|Head office||Korsegata 4B. P.O. Box 836 Sentrum. NO-6002 Ålesund, Norway|
|Representative||JON ERIK ENGESET, CEO & President|
|Net sales||1,651 million NOK|
|Business Activities||Hexagon develops, manufactures, and sells composite pressure cylinders and systems for the storage and transportation of gases.|
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.
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