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Mitsui & Co., Ltd. ("Mitsui"; Head Office: Tokyo; President and CEO: Tatsuo Yasunaga) has entered into a Memorandum of Understanding with Komatsu Ltd. ("Komatsu"; Head Office: Tokyo; President: Tetsuji Ohashi) to sell 60% share of its wholly owned subsidiary, Road Machinery Co., S.A. de C.V. ("Road Mexico"), to Komatsu. Road Mexico is a sales and service company of mining machines in Mexico. The share ratio after the stock sales will be 40% for Mitsui and 60% for Komatsu.
Mitsui acquired a 100% share of Road Mexico in 2005. Road Mexico has henceforth made great progress by selling machinery and providing maintenance services to mining companies, with a long-term operating rate guarantee. In receiving investment from Komatsu, the mining machinery manufacturer for Road Mexico, Mitsui aims to enhance both the technical and professional ability of Road Mexico to raise its presence in the Mexican mining market. Furthermore, Mitsui and Komatsu have agreed in principal, taking the opportunity of their collaboration in this joint enterprise, to evaluate the possibility of transforming Road Mexico from a mining machinery distributor into a more diversified machinery distributor covering both mining and construction machinery.
Mitsui and Komatsu are jointly operating distributor business also in Australia and Peru, and expanding the business at a solid pace. Road Mexico will be another joint enterprise with Komatsu after Australia and Peru. Mitsui will strive to further strengthen its partnership with Komatsu.
|Name of Company||Road Machinery Co., S.A. de C.V. (wholly owned subsidiary of Mitsui)|
|Head Office||Mexico City, The United Mexican States|
|Established||1991 (Mitsui investment: 2005)|
|Business Activities||Sales and maintenance services of Komatsu mining machinery|
|Name of Company||Komatsu Ltd.|
|Head Office||Tokyo, Japan|
|Business Activities||Manufacturing and sales of construction/mining equipment, utilities (small-sized machinery), forest machinery, industrial machinery and others.|
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.