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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has entered into an agreement with Chemtrade Logistics Inc. ("Chemtrade", Head Office: Toronto, Canada) to acquire its entire stake in Chemtrade's wholly owned subsidiary Chemtrade Aglobis AG ("Aglobis", Head Office: Zug, Switzerland), which is a leading distributor of sulphur and sulfuric acid in Europe. This transaction is slated for completion after obtaining relevant regulatory approvals.
Aglobis, leveraging its logistics assets, such as its proprietary tank terminals, truck and rail car feet, is a leading distributor in Europe, providing logistics services for sulphur and sulfuric acids. Aglobis has established long-term business relationships with suppliers, such as oil refineries and nonferrous metal smelting manufacturer, and also with reputable customers in the region, and has established a stable business foundation.
Sulphur and sulfuric acid are by-products from refining oil and gas and the metal refining processes and are the basic, indispensable materials for manufacturing fertilizers, agrochemicals, fibers, pigments, feed additives, etc. Their transportation requires specialized vehicles and other transportation assets. Based on the strength of stable offtake and sales, Mitsui has been developing sulphur and sulfuric acid business for many years in various parts of the world, including the Far East, other parts of Asia, and the Middle East, leveraging its specialty logistics assets and trading networks across the world.
Mitsui aims to further contribute to the development of the energy, non-ferrous metal and agriculture / chemical industries in Europe and to reinforcing its stable offtake and sales capabilities through the expansion of sulphur and sulfuric acid business operations by integrating Aglobis's operation to be continued in Zug, Essen and Rotterdam locations.
|Company Name||Chemtrade Aglobis AG|
|Representative||Beat Heller, President|
|Business Activities||Sales and marketing of sulphur and sulfuric acid|
|Company Name||Chemtrade Logistics Inc.|
|Location||Toronto, Ontario, Canada|
|Representative||Mark Davis, President and Chief Executive Officer|
|Business Activities||Production and sales of industrial grade inorganic chemical and water treatment agents|
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.