January 20, 2012
TonenGeneral Sekiyu K.K.
(Stock Code: 5012 Tokyo Stock Exchange)
Representative Director, President
P. P. Ducom
Contact:
Public and Government Affairs
ExxonMobil Yugen Kaisha
Tel: 03-6713-4400
Notification of Change to Joint Venture
TonenGeneral Sekiyu K.K. (head office: Minato-ku, Tokyo;
President: P. P. Ducom; herein referred to as "TonenGeneral")
will restructure its battery separator film joint venture
with Toray Industries, Inc. (head office: Chuo- ku, Tokyo;
President: A. Nikkaku; herein referred to as "Toray"), Toray
Tonen Specialty Separator G.K. (head office: Nasushiobara
City, Tochigi). It has been decided that the joint venture
will redeem all units owned by TonenGeneral affiliates,
leaving Toray to continue the business as the sole owner. The
redemption and restructuring is to take effect on January 31,
2012.
Toray Tonen Specialty Separator G.K. was formed in January
2010 as a joint venture between fully-owned TonenGeneral
affiliates Tonen Chemical Corporation (25%) and Tonen
Chemical Nasu Corporation (25%), with Toray (50%). The joint
venture brought together the strengths of the partners in
development, production and marketing of lithium ion battery
separator film (BSF). The company has production facilities
in Nasu, Japan and
Gumi, Korea with plans for a further expansion in Gumi
announced in 2011.
An amicable dissolution of the joint venture has been
recently determined with the agreement of both partners, and
the business will continue under Toray's sole ownership.
TonenGeneral remains proud of its historical role in
developing the BSF technology that has made lithium-ion
batteries smaller, less expensive and safer. Meanwhile, we
recognize that the growth of the BSF business is best ensured
with streamlined business decision-making processes via a
single owner possessing a broad portfolio of films and other
products.
On January 4, 2012, the company released a statement
confirming that it is currently engaged in an integrated
strategic study and is in discussion with its parent Exxon
Mobil Corporation. The decision regarding the BSF business is
not related to this integrated study or to these discussions
and has been undertaken solely for the reasons stated
above.
TonenGeneral anticipates a one-time extraordinary income of
16.4 billion yen from the transaction for full-year 2012.
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Documents associés | |
Notification of Change to Joint VenturePDF (32K) |