Mitsui & Co., Ltd. ("Mitsui"; head office: Tokyo; President and CEO: Tatsuo Yasunaga) announced its subsidiary, Mitsui & Co. Texas Chlor-Alkali, Inc. resolved to dissolve the business and will complete the liquidation as follows.
1. Company profile
|Company name||Mitsui & Co. Texas Chlor-Alkali, Inc.|
|Location||1300 Post Oak Blvd., Suite 1700, Houston, TX 77056|
|Representative||Hiroyuki Furukawa, CEO|
|Main business||Investments in chlor-alkali producing business in U.S.|
|Establishment||June 28th, 2010|
|Shareholders and ownership||Mitsui 100%|
|Fiscal year end||December 31|
2. Reason for the dissolution
In accordance with the determination of the DOW Chemical Company to split off almost all of its chlor-alkali business including Dow-Mitsui Chlor-Alkali LLC, the fifty-fifty joint venture company with Mitsui & Co. Texas Chlor-Alkali, Mitsui sold its share in October, 2015 by exercising the tag-along right. Following the sales procedures have been completed, Mitsui decided to dissolve the company and will complete the liquidation.
Resolution of dissolution: March 12, 2016
Completion of liquidation: by the end of March, 2016
4. Impact on Mitsui's consolidated financial statements
This transaction is not expected to have any significant impact on Mitsui's consolidated financial results of the fiscal year ending March 2016.
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.