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Mitsui & Co., Ltd. ("Mitsui," Head Office:Tokyo, President and CEO: Masami Iijima) has concluded a shareholders' agreement with Prime Polymer Co., Ltd. ("PRM," Mitsui Chemicals 65%, Idemitsu Kosan 35%) to establish a joint venture company in Singapore for the manufacture and sale of Evolue™, a high-performance linear-low density polyethylene resin (LLDPE).
The venture will enable Mitsui to pursue business opportunities that draw on its strategic partnership with the Mitsui Chemicals Group, and thereby provide support toward facilitating growth in domestic and overseas sales of high-performance resins, an area in which Mitsui Chemicals excels.
PRM has embarked on overseas expansion initiatives employing a product differentiation strategy in the high-performance resins segment, and aims to tap into rapidly growing demand in Asian markets through manufacturing and sales of its Evolue™ metallocene-catalyst LLDPE polymer which exhibits exceptional product characteristics.
The new Singaporean production facility which is to be built largely through the joint venture involving investment from Mitsui will represent the first Evolue™ production base overseas. Mitsui stands committed to its role as a partner in the venture toward enabling PRM to achieve its goal of becoming the leading player in Asia's high-performance polyethylene with its Evolue™ product.
|Company Name||Prime Evolue Singapore Pte. Ltd.|
|Capital||USD 115 million (approximately JPY 9.2 billion)|
|Shares||Prime Polymer: 80%, Mitsui & Co., Ltd.: 20%|
|Main Business||Manufacture and sale of EvolueTM metallocene-catalyst linear-low density polyethylene|
|Production capacity||300,000 metric tons per year|
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.