Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President & CEO: Tatsuo Yasunaga) has reached an agreement with The Dow Chemical Company ("Dow") to sell its entire shares in its associated company, Santa Vitória Açúcar e Álcool Ltda ("SVAA") to Dow.
|Sale Assets||SVAA's entire shares of Seller|
|Expected Completion Date||Before July 12, 2016|
In addition to conventional fossil fuels such as crude oil, and natural gas, Mitsui has been promoting biomass-derived chemicals business (green chemicals business) seeking to diversify feed for chemicals. In green chemicals, while Mitsui will withdraw from SVAA, Mitsui will continue to contribute to the industry and society by securing stable supply of renewable resources as well as by producing low environmental impact chemicals from those resources.
Mitsui maintains and strengthens its strategic partnership and alliance with Dow and will continue to strive for new business opportunities with them in the future as well.
1. Outline of SVAA
|Corporate Name||Santa Vitória Açúcar e Álcool Ltda|
|Location||Santa Vitória, Minas Gerais, Brazil|
|Main Business||Operation of sugarcane field, production and sales of bio-ethanol. Production and sales of bio-ethylene, bio-polyethylene and sugarcane derived chemicals (to be expanded).|
|Major Shareholders||Dow 50%
Mitsui & Co., Ltd 50%
2. Outline of Dow
|Corporate Name||The Dow Chemical Company|
|Representative||Andrew Liveris, Chairman & CEO|
|Address||Midland, Michigan, USA|
|Stock Exchange Listing||NYSE: DOW|
|Main Business||Manufacturing and marketing of plastics, chemicals and agricultural products|
|Consolidated net sales*||Approx. US$58Bil|
|Consolidated total asset*||Approx. US$69Bil|
*As of December 2014
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.