Toray Tonen Specialty Separator Wholly Subsidiary (9050V)
20 Janeiro 2012 - 5:05AM
UK Regulatory
TIDMTKK
RNS Number : 9050V
Toray Industries Inc
20 January 2012
January 20, 2012
Toray Industries, Inc.
Notice Regarding Decision to Make Toray Tonen Specialty
Separator
Wholly Owned Subsidiary
Toray Industries, Inc. (headquarters: Chuo-ku, Tokyo, President:
Akihiro Nikkaku, herein referred to as gTorayh) announced that it
today made a decision to make Toray Tonen Specialty Separator Godo
Kaisha (headquarters: Nasushiobara, Tochigi prefecture), a 50-50
joint venture with Tonen Chemical Corporation and Tonen Chemical
Nasu Corporation (both are subsidiaries of Tonen General Sekiyu
K.K. [headquarters: Minato-ku, Tokyo; Representative Director and
President: P. P. Ducom] of ExxonMobil Group), Torayfs 100% owned
subsidiary through redemption of the interest held by ExxonMobil
Group.
1. Reasons behind the change in the stakes
Battery separator film (BSF) produced and sold by Toray Tonen
Specialty Separator is a key part of lithium ion batteries (LIBs).
LIBs are used in various mobile communication tools including
mobile phone handsets and notebook PCs and are expected to continue
growing in the future as the use of these electronic devices
becomes even more wide-spread around the world and the devices
themselves become more sophisticated. Moreover, LIBs have been
adopted for electric and hybrid vehicles in recent years and this
application is also expected to grow further.
At the same time, the competition in the BSF market has been
intensifying against the background of remarkable market expansion
in LIBs and BSF, and Japanese and foreign competitors are actively
pursuing capacity expansion and technological development. This
intense competition is expected to be continued in the future.
In January 2010, Toray established the 50-50 joint venture Toray
Tonen Specialty Separator by making investment in Tonen Specialty
Separator Godo Kaisha, which had an excellent track record in the
BSF business, and has been jointly operating the business with the
ExxonMobil Group. It is, however, necessary for Toray Tonen
Specialty Separator to speed up its response even further upon
operating the business to survive the competition in the
drastically changing market environment. Towards that end, the
companies, after discussion, reached the conclusion that it would
be in the best interest of both companies for Toray to manage Toray
Tonen Specialty Separator as a wholly owned subsidiary to further
improve the companyfs corporate value.
Going forward, Toray will further utilize its film production
and development technology and related global operation network to
contribute to the BSF businessfs active profit expansion and
enhancement of competitiveness by leveraging the production
techniques, human resources and business expertise jointly
accumulated by Toray Tonen Specialty Separator.
2. Details of the changes in the stakes
Toray Tonen Specialty Separator will refund the entire amount of
the interest held by Tonen Chemical and Tonen Nasu Chemical,
resulting in Torayfs 100% ownership of the company. The amount of
the redemption is 53.6 billion yen.
The actual redemption is scheduled for the end of January and
the company will have a new name, Toray Battery Separator Film Godo
Kaisha (Chairman and President: Takeo Togano).
<Reference> Overview of the involved companies:
(1) Company Tonen General Sekiyu Tonen Chemical Toray Tonen Specialty
K.K. Corporation Separator Godo
Kaisha
----- ------------------- --------------------------- --------------------------- -------------------------
(2) Business Refinement and Production, processing Production, processing
sale of petroleum and sale of petrochemical and sale of synthetic
products and production products resin films
and sale of petrochemical
products
----- ------------------- --------------------------- --------------------------- -------------------------
(3) Established July 26, 1947 December 24, 1960 January 29, 2010
----- ------------------- --------------------------- --------------------------- -------------------------
(4) Headquarters 1-8-15, Konan, 1-8-15, Konan, 1190-13, Iguchi,
address Minato-ku, Tokyo Minato-ku, Tokyo Nasushiobara-shi,
Tochigi Prefecture
----- ------------------- --------------------------- --------------------------- -------------------------
(5) Representative P. P. Ducom P. P. Ducom Takeo Togano (Chairman),
(Representative (President) Reinhart Papen
Director and President) (President)
----- ------------------- --------------------------- --------------------------- -------------------------
(6) Capital 35,123 million 1,000 million yen 301 million yen
stock yen
----- ------------------- --------------------------- --------------------------- -------------------------
(7) Major shareholders ExxonMobil Yugen Tonen Technology Toray Industries,
(members) Kaisha: 50.02% G.K.:75%, Inc. 50%
and their and others Tonen General Sekiyu Tonen Chemical
stakes K.K.: 25% Corporation: 25%,
Tonen Chemical
Nasu Corporation:
25%
----- ------------------- --------------------------- --------------------------- -------------------------
(8) Net sales 2,398,718 million 177,579 million -
yen (consolidated) yen
----- ------------------- --------------------------- --------------------------- -------------------------
(9) Net assets 248,295 million 3,823 million yen 78,850 million
yen (consolidated) yen
----- ------------------- --------------------------- --------------------------- -------------------------
(10) Total assets 906,846 million 75,814 million 82,624 million
yen (consolidated)) yen yen
----- ------------------- --------------------------- --------------------------- -------------------------
* The figures under (8) to (10) are as of December 31, 2010.
3. Schedule
(1) Resolution by the Board January 20, 2012
of Directors
---- ------------------------ -----------------------------
(2) Refunding of the stake January 31, 2012 (scheduled)
---- ------------------------ -----------------------------
4. Future outlook
Toray expects the impact of the move announced this time on its
consolidated business performance for the year ending March 31,
2012 to be insignificant, but it is expected to contribute to
improvement in the consolidated business performance from the
medium- to long-term perspective.
# # #
This information is provided by RNS
The company news service from the London Stock Exchange
END
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