Mar 24, 2022 17:39 JST

Source: Mitsubishi Corporation

Toyobo and MC Agree to Establish New Joint Venture in Functional Materials
New company will combine Toyobo's technological expertise and MC's collective capabilities to capture growth in global markets

TOKYO, Mar 24, 2022 - (JCN Newswire) - Toyobo Co., Ltd. (Toyobo) and Mitsubishi Corporation (MC) are pleased to announce our agreement to establish a new joint venture company(1) that will specialize in the planning, development, manufacturing and sales of functional materials. The terms of our agreement call for the new company to commence operations in January 2023 or sometime thereabouts.

Background and Aims of this Joint Venture

 


Business environments have been changing quite dramatically in recent years, as evidenced by global moves to decarbonize and expedite the development of new technologies. These changes are driving up demand for functional materials and resulting in a significant restructuring of the related industries, and both Toyobo and MC are committed to capturing opportunities that may arise. Over the last two years, we have been pursuing strategic, cross-industry collaborations to ensure the sustainable growth and development of our operations, and our agreement signed today, on 24th March 2022, represents our latest venture together. Toyobo and MC share similar corporate values. We are both dedicated to addressing challenges faced by modern communities and helping to realize a sustainable society, and we are pleased that working together in functional materials will afford us another opportunity to do so.

Our new joint venture company shall inherit Toyobo's functional materials business(2), and by combining our companies' respective strengths, it shall endeavor to achieve two aims. The first of those aims is to grow our presence in global markets, and the second is to provide customers with solutions that meet the evolving needs of the industry, which are growing increasingly diverse and sophisticated by the day. Together, we are confident that we can achieve both of these aims, as MC's broad industry know-how and network promise to be the perfect complement to Toyobo's technological expertise.

Post-establishment Work

(Laying of Robust Management Foundation)
By combining Toyobo's business foundations with MC's management expertise and functions, our new joint venture company shall strive to offer high value-added solutions to its customers. Immediately following its establishment, work shall commence to lay down a firm-yet-flexible management foundation that is capable of adapting swiftly to the dynamically changing business environment.

(Creation of Business Opportunities in New Growth Regions and Fields)
Another of our objectives in establishing this new company is to leverage MC's network to facilitate the global expansion of Toyobo's materials and technologies. Furthermore, by marrying work to meet that objective with efforts dedicated to decarbonization and the achievement of the UN's sustainable development goals, our new company shall pave the way forward for future collaborations between Toyobo and MC. We look forward to facilitating our construction of new business models that extend beyond functional materials, discussions on global alliances, and other ways to ensure the sustainable growth and development of our operations.

(1) MC will invest in the new company following its acquisition of certain Toyobo operations through an absorption-type demerger.
(2) Business related to planning, development, manufacturing and sales of functional materials in Japan and overseas (Business related to Polymerization Development, VYLON and HARDLEN, Photo Functional Materials, Fine Chemicals, Engineering Plastics, Water Treatment Membranes, Environment Solution Devices, Activated Carbon Products, Activated Carbon Filters, Spunbond Nonwoven Fabrics, Lifestyle Materials, High-Performance Fibers), and ancillary operations will be inherited by the new joint venture company.

For more information, visit https://www.mitsubishicorp.com/jp/en/pr/archive/2022/html/0000048902.html.

Contact:
Toyobo Co., Ltd.: Public Relations Group, Corporate Communication Department: +81-6-6348-4210
Mitsubishi Corporation: Corporate Communications Dept., Press Relations Team: +81-3-3210-2171

Source: Mitsubishi Corporation
Sectors: Manufacturing

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Mitsubishi Corporation: PoC Launched in Portland, Oregon to Develop Smart Multifamily Apartment
March 24 2023 10:02 JST
 
MC Signs Integrated Railway Systems and Trackwork Contract for North-South Commuter Railway Extension Project in the Philippines
March 06 2023 14:16 JST
 
Peace Tec Lab and MC Launch Sharing-platform PoC in Indonesia's BSD City
February 28 2023 18:08 JST
 
Mitsubishi Auto Leasing and Mitsubishi HC Capital Auto Lease Sign Merger Agreement
February 24 2023 15:37 JST
 
RWE, LOTTE CHEMICAL Corporation and Mitsubishi Corporation enter into a Joint Study Agreement to develop a clean ammonia project in Port of Corpus Christi in Texas, USA
February 08 2023 15:37 JST
 
Nippon Steel, Mitsubishi Corporation and ExxonMobil to Evaluate and Establish CCS Value Chains in the Asia Pacific Region
January 26 2023 18:16 JST
 
Mitsubishi Corporation and ENEOS launch a Joint Venture for Last One Mile Delivery Business based at Gas Stations
January 05 2023 11:39 JST
 
Shonan iPark Outlines New Operational Structure to Provide Scale and Sustainable Long-Term Growth for the Ecosystem
December 21 2022 16:16 JST
 
Mitsubishi Corporation awarded Hollandse Kust West Site VI Offshore Wind in the Netherlands
December 16 2022 18:12 JST
 
Tokyo Gas, Osaka Gas, Toho Gas and Mitsubishi Collaborate to Produce e-methane in the US and Transport It to Japan, Utilizing Cameron LNG in Louisiana
November 29 2022 18:12 JST
 
More Press release >>

Latest Press Release


More Latest Release >>