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TOAGOSEI Co., Ltd. (TOAGOSEI), Mitsui Chemicals, Inc. (MCI) and Mitsui Chemicals AquaPolymer, Inc. (MAP), which is a 100% subsidiary of MCI, announced that MCI and TOAGOSEI have signed the joint venture agreement while TOAGOSEI and MAP concluded the separation contract. TOAGOSEI, MCI and MAP had already reached to the basic agreement to integrate the polymer flocculant business of both TOAGOSEI and MAP in the announcement issued on February 8, 2006.
1.Business Integration Method
TOAGOSEI will separate its polymer flocculant business in corporate split slated on October 1, 2006 and MAP will take over the business. Accordingly, MAP will become the joint venture between TOAGOSEI and MCI.
MAP will change its company name to MT AquaPolymer, Inc. on the same day as being effective of corporate split.
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2. Overview of Joint Venture
| Company name: |
MT AquaPolymer, Inc.
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| President: |
Being appointed by TOAGOSEI
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| Head office: |
Chuo-Ku, Tokyo
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| Sales office: |
Tokyo, Osaka and Nagoya
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| Factory: |
Mobara City in Chiba Prefecture and Sakaide City in Kagawa Prefecture
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| R&D center: |
Mobara
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| Operation start: |
Octover 1, 2006
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| Paid-in capital: |
\460 million
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| Ratio of capital contribution: |
TOAGOSEI 51%, MCI 49%
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| Net Sales: |
Approximately \9.5 billion (estimated at the end of December 2007)
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| Financial year ended: |
December
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| Consolidation: |
a consolidated subsidiary of TOAGOSEI
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