Mitsui Chemicals, Inc. (Chuo-ku, Tokyo; President and CEO: Osamu Hashimoto; hereinafter 'Mitsui Chemicals') has decided to transfer the shareholding of its consolidated subsidiary, Katsuzo Chemical Co., Ltd. (Chuo-ku, Tokyo; President and CEO: Isao Takematsu; hereinafter 'Katsuzo Chemical'), to Tanaka Ai Holdings Co., Ltd. (Kurume-shi, Fukuoka; President and CEO: Tatsuya Tanaka; hereinafter 'Tanaka Ai HD'), and has signed a contract on June 28.
Background and Objectives Mitsui Chemicals has set 'Changing the future. Changing chemistry.' as its vision in the long-term management plan 'VISION 2030' and aims to become a true global specialty company with a portfolio of businesses that includes a high-growth, high-profit global specialty chemical business and a sustainable green chemical business core-centered on competitive intermediate products as its basic strategy.
Since its founding in 1976, Katsuzo Chemical has been contributing to society as a chemical specialty distributor that utilizes by-products generated by Mitsui Chemical Group's chemical plants, particularly urethane resin materials, intermediates, auxiliary materials, and industrial chemicals, as well as by conducting recycle business.
Tanaka Ai HD has had a long-standing trading relationship with Mitsui Chemical, including a special dealer contract for indigo production concluded in 1933, when Mitsui Chemical (at that time, Mitsui Mining and Smelting's Miike dyeing plant) began producing indigo at the Omura factory. Tanaka Ai HD also has bases overseas and is engaged in a wide range of business activities as a chemical specialty distributor.
By transferring the shares of Katsuzo Chemical to Tanaka Ai HD, it is expected that the creation of business opportunities and the expansion of business domains will be expected through the subsidiary of Katsuzo Chemical, and further enhancement of the function as a chemical specialty distributor can be expected through the synergy of both companies, which led to the signing of a contract.
Overview of the Subsidiaries to be Mutated Katsuzo Chemical Co., Ltd. Location Nihonbashi-honcho, Chuo-ku, Tokyo 3-8-3 Nihonbashi Life Science Building 3 President and CEO: Isao Takematsu (1) Sales and market development of urethane raw materials and urethane resin-related auxiliary materials (2) Intermediary of chemical byproducts, sale and industrial waste disposal (environmental solution business) (3) General sales and import/export of chemical products (4) Sale and purchase of pharmaceuticals, agrochemicals, and fertilizers (5) Market development, manufacturing, and sales of agricultural materials-related products JPY 51 million September 27, 1976 Overview of Acquirer of Shares Tanaka Ai Holdings Co., Ltd.
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Name | Katsutai Chemical Corporation |
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Location: 3-8-3 Nihonbashi-honcho, Chuo-ku, Tokyo, Japan Nihonbashi Life Science Building 3. | Nihonbashi Honmachi 3-chome, Chuo-ku, Tokyo Nihonbashi Life Science Building 3, No. 8-3 |
Title and name of the representative | President and CEO: Isao Takematsu. |
Business Description | (1) Sales and market development of urethane raw materials and urethane resin-related auxiliary materials (2) Intermediary of chemical byproducts, sale and industrial waste disposal (environmental solution business) (3) General sales and import/export of chemical products (4) Sale and purchase of pharmaceuticals, agrochemicals, and fertilizers (5) Market development, manufacturing, and sales of agricultural materials-related products. Mediation of the recycling, sale, and disposal of by-products of chemicals (environmental solution business). Capital: JPY 51 million. Founded on September 27, 1976. Market development, manufacturing, processing, and sales of agricultural materials and related products. |
Capital | 51 million yen |
Date of establishment | September 27, 1976 |
Overview of the Buyer Tanaka Ai Holdings Co., Ltd.
Company Name | Location: Kurume-shi, Fukuoka, Japan. President and CEO: Tatsuya Tanaka. |
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Location | 93 Sesha-cho, Kurume-shi, Fukuoka-ken |
Domestic bases: Kurume, Tokyo, Fukuoka, Kitakyushu, Osaka, and others. Overseas bases: USA, Netherlands, Thailand, China, and India. | |
Establishment year | Founded by A. Tanaka in 1887, established in 1948, Tanaka Ai Holdings established in 2017. |
Representative | President and Representative Director Tatsuya Tanaka. |
Capital | JPY 10 million. |
Tanaka Ai. Business Description | Domestic sales and import/export of chemical industry products, petrochemical products, dyes, pigments, rubber products, oil and fat products, synthetic resins and molded products, non-ferrous metals, elevators, and others. |
Major affiliated companies. | Overseas subsidiary companies established at the above bases, such as Tanaka Ai (Thailand) Limited. Domestic affiliated companies: Kin-kyu Corporation, Asahi Recycling Rubber Co., Ltd., A.I. Corporation, Miyaki Farm Co., Ltd. |
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Schedule
June 28, 2024. | Contract conclusion date |
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September 30, 2024 (target) | Closing date |
■Future Outlook LeTech <3497> expects an increase in sales and ordinary income of more than 20%, with sales of 2.14 billion yen (+33.8% YoY), operating income of 150 million yen (+7.7% YoY), ordinary income of 100 million yen (+21.7% YoY), and net income of 1.03 billion yen (-11.4% YoY) for the July 2024 term, and has maintained its initial forecast (announced in September 2023).
This agreement will have a minor impact on the Mitsui Chemicals Group's performance, and there is no change in financial estimates.
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