Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and Chief Executive Officer: Tatsuo Yasunaga) has signed a shareholders' agreement with Veolia Japan K.K. ("Veolia", Head Office: Minato-ku, Tokyo, President: Yannick Ratte), and Seven & i Holdings Co., Ltd. ("Seven & i", Head Office: Chiyoda-ku, Tokyo, President: Ryuichi Isaka) pertaining to a joint venture for a new PET recycling factory in western Japan (recycled PET resin production capacity: approx. 25,000 tons per year).
The three companies are expected to make a final investment decision by the end of this fiscal year, following which the joint venture company will be established, with the aim of starting plant operations in 2022.
As a follow-on from this project, Mitsui will contribute to the establishment of a circular economy by utilizing its wide range of business assets and global network to study and promote similar projects, to help solve the issue of plastic waste and other problems in Japan and abroad.
Veolia is a global environmental giant with the recycled PET business as one of its core businesses, and operates ten recycling plants worldwide. The company possesses advanced technology and know-how accumulated through regular exchange of technical information among the group's plants to handle low-grade waste plastic bottles that are expected to remain in Japan in the future and for which appropriate treatment and use is socially demanded.
In May 2019, Seven & i announced its Group's environmental declaration "GREEN CHALLENGE 2050". As part of its efforts to combat plastic in view of achieving a circular economy, Seven & i is able to supply waste plastic bottles from its stores to the newly established PET recycling plant, and use recycled PET materials in the containers of its 7 Premium range and other original products.
Through these initiatives, the three companies will further reduce their environmental impact and aim to create a circular economy society to ensure a richer global environment for future generations.
Mitsui & Co.’s Materiality
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui & Co.’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Enhance quality of life” and “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity