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Mitsui&Co.,Ltd.("Mitsui"; Head Office: Chiyoda-ku,Tokyo,President and CEO: Masami Iijima) has reached agreement concerning the acquisition by Mitsui of a 30% stake in TOTO Ltd.("TOTO"; Head Office:Fukuoka; President: Kunio Harimoto) wholly-owned subsidiary TOTO India Industries Private Ltd.("TOTO India") on August 23,2012. After obtaining approvals from the concerned authorities, Mitsui will subscribe to, and TOTO India will issue, 30% shares by making an investment of INR600mil (Approx.J¥850mil.).
TOTO India was established in Jan., 2011 as the operational company handling housing equipment such as Sanitary Ware, Faucet and other plumbing products in the growing market of India. TOTO aims for Overseas Housing Equipment Business as one of its growth strategies and regards India as an important growing market to newly penetrate. TOTO India expects to start operation of its Gujarat State factory for manufacturing Sanitary Ware from second half of 2014 and to aim to establish a business platform in the domestic market.
Mitsui and TOTO have been working together since the 1980s to establish a business platform in China by starting an export business. Mitsui will aim for establishment of Housing Material Business Platform in India through this equity participation in TOTO India by utilizing Mitsui's long term business skill, knowhow in India and global network, and by working together with TOTO who supplies high quality and high functioning products.
|Name of Company||TOTO India Industries Private Limited|
|Head Office||Mumbai, Maharashtra State, India|
|Establishment||January 23, 2011|
|Representative||Tatsuhiko Yasaka, President|
|Employees||41 (as of June 30, 2012)|
|Equity(after Mitsui's subscription)||INR2 billion|
|Shareholders (after the share subscription)||TOTO ASIA OCEANIA PTE LTD 69.975%(*)
TOTO 0.025%, Mitsui 30.0%
(*)TOTO ASIA OCEANIA PTE LTD is TOTO's 100% subsidiary.
|Business activities||Manufacture and sales of Sanitary Ware & plumbing products|
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.