Mitsui Chemicals

Mitsui-Takeda Urethane Chemicals JV to Start Up

March 15, 2001

Mitsui Takeda Chemicals Inc. (MTCI), a Japanese urethane chemicals joint venture company to be established by Japanese chemical makers Mitsui Chemicals, Inc. (MCI) and Takeda Chemical Industries, Ltd. (Takeda) will begin its business operation on April 1, 2001 simultaneously with its establishment, the parent companies announced today.

To be created by merging MCI and Takeda's urethane chemicals and composite materials businesses, the new company MTCI will engage in the manufacture, sale and research of urethane raw materials, urethane derivatives, composite materials and organic acids. Its capitalization will be fixed at 20 billion yen, with MCI contributing 51% and Takeda 49%, respectively.

Aside from its head office to be located at 2-5, Kasumigaseki 3-chome, Chiyoda-ku, Tokyo, the company will have two branch offices, in Osaka and Nagoya, as well as five manufacturing sites and three research sites throughout Japan.

Mr. Ken-ichi Nishino, currently Takeda's Board Director and President of Chemical Products Company, is scheduled to become the JV's first president leading an organization 1,000 members strong at the start of operation. To be elected Executive Vice President is Mr. Koji Yoshida, currently MCI's Board Director and General Manager, Urethane Chemicals Division.

MTCI is projected to achieve sales of roughly 120 billion yen for the first year of its business operation (Fiscal 2001 starting April 1, 2001).