January 20, 2012
Toray Industries, Inc.
Toray Industries, Inc. (headquarters: Chuo-ku, Tokyo, President: Akihiro Nikkaku, herein referred to as "Toray") 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), Toray's 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 company's corporate
value.
Going forward, Toray will further utilize its film
production and development technology and related global
operation network to contribute to the BSF business's
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 Toray's 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).
(1) | Company | Tonen General Sekiyu K.K. | Tonen Chemical Corporation | Toray Tonen Specialty Separator Godo Kaisha |
(2) | Business | Refinement and sale of petroleum products and production and sale of petrochemical products | Production, processing and sale of petrochemical products | Production, processing and sale of synthetic resin films |
(3) | Established | July 26, 1947 | December 24, 1960 | January 29, 2010 |
(4) | Headquarters address | 1-8-15, Konan, Minato-ku, Tokyo | 1-8-15, Konan, Minato-ku, Tokyo | 1190-13, Iguchi, Nasushiobara-shi, Tochigi Prefecture |
(5) | Representative | P. P. Ducom(Representative Director and President) | P. P. Ducom(President) | Takeo Togano (Chairman),Reinhart Papen (President) |
(6) | Capital stock | 35,123 million yen | 1,000 million yen | 301 million yen |
(7) | Major shareholders (members) and their stakes | ExxonMobil Yugen Kaisha: 50.02% and others |
Tonen Technology G.K.:75%, Tonen General Sekiyu K.K.: 25% |
Toray Industries, Inc. 50% Tonen Chemical Corporation: 25%, Tonen Chemical Nasu Corporation: 25% |
(8) | Net sales | 2,398,718 million yen (consolidated) | 177,579 million yen | - |
(9) | Net assets | 248,295 million yen (consolidated) | 3,823 million yen | 78,850 million yen |
(10) | Total assets | 906,846 million yen (consolidated) | 75,814 million yen | 82,624 million yen |
* The figures under (8) to (10) are as of December 31, 2010.
3. Schedule
(1) | Resolution by the Board of Directors | January 20, 2012 |
(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.
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