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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui", Headquarter: Chiyoda-ku Tokyo, President & CEO: Masami Iijima) announced today that it has entered into a share transfer agreement with Industrie De Nora S.p.A., Italy ("IDN", Headquarter: Milan, Italy, CEO: Gianfranco Mora) to transfer to IDN of 51% shares of Mitsui in Chlorine Engineers Corp. Ltd. ("CEC") engaging in engineering and manufacturing of electrolysis devices, which Mitsui own a 100% issued share through a fully owned investment company. The transaction is scheduled to be completed in November 2010.
CEC was established as an electrolysis plant manufacture by Mitsui in 1973 given the market situation that a notice to switch from mercury electrolysis to other method was issued by the Ministry of International Trade and Industry in 1973 due to Minamata mercury pollution. Since then, we have developed various technologies such as for the diaphragm, mono-polar and bi-polar ion exchange membrane processes. CEC has been expanding its business as a leading company of its field of business enjoying more than 30% of global market share in ion exchange membrane method of sodium chloride electrolysis plant. In light of the need to enhance the global presence of CEC worldwide, and serve its Customer with better maintenance services, Mitsui and CEC have concluded that establishment of an equity partnership with IDN who owns a highly developed portfolio of electrolysis technologies, vast experience and global network in this area of business, is the most beneficial option for ensuring CEC's further sustainable growth in the market. CEC, with the support of IDN shall also be able to speed up the introduction of the several newly developed environmental technologies. IDN shares this strategy and agreed to their acquisition of a majority of the shares in CEC today.
We will continue to aim at CEC's further growth in global market having alliance with IDN.
|1. Company Name||Chlorine Engineers Corp. Ltd.|
|2. Address||8-1, Akashi-cho, Chuo-ku, Tokyo, Japan|
|3. Foundation||October 19, 1973|
|4. Capital||JPY150 mil (as of March 31, 2010)|
|5. Shareholder||100% MBK Project Holdings Ltd. (a 100% subsidiary of Mitsui)|
|6. President||Koji Mizuno|
|7. Principal Lines of Business||Development, system design and manufacturing of:
(1) sodium chloride electrolysis plants (*1)
(2) Industrial electrolysis plants for water treatment and environmental purposes (*2)
|8. Net Worth||JPY5,300mil (consolidated as of March 31, 2010)|
|9. Total Asset||JPY29,800mil (consolidated as of March 31, 2010)|
|10. Sales||JPY19,000mil (consolidated as of March 31, 2010)|
|11. Number of Employee||400 (consolidated as of April 1, 2010)|
*1 Sodium Chloride electrolysis plants means:
the plants to produce chlorine and sodium hydroxide from brine by electrolysis process. Chlorine and sodium hydroxide are used for important basic chemical material for the production of various chemical products such as PVC, fiber, pulp, aluminum, steel mill, petroleum refining etc.
*2 Industrial electrolysis plants for water treatment and environmental purposes means:
the plants to make on site production of sodium hydroxide from brine available, the plant to produce functional water such as ozone water and hydrogen water by electrolysis of pure-water. Sodium hydroxide is used for various ways such as sterilization of drinking water or waste water, preventing attachment of marine organisms to seawater intake facility of various industrial plants like a power station.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release 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.