Tokyo, Japan—At a board of directors meeting on July 13, Tosoh Corporation decided to acquire the remaining shares of its subsidiary Nippon Polyurethane Industry Co., Ltd. (NPU) from Hodogaya Chemical Co., Ltd., and to convert NPU to a wholly owned subsidiary.
Tosoh made NPU a subsidiary in April 2006 and then upped its stake in NPU to 80.28% in May of 2008. The companies collaborate to increase the competitiveness of the Tosoh Group’s core operations, its vinyl isocyanate chain.
However, the urgency for NPU to recover profitability is a major theme and Tosoh believes that an integrated management and streamlined operations are necessary, hence the decision to acquire the remaining stock and Tosoh is glad to report it has reached a stock purchase agreement with the other shareholder.
1. Profile of Nippon Polyurethane Industry Co., Ltd.
| Paid-in Capital: | ¥11.5 billion |
| Establishment: | March 1960 |
| Business: | Production and sale of raw materials for polyurethane (methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI)) and of polyurethane derivatives. |
2. Company from which NPU acquired shares: Hodogaya Chemical Co., Ltd.
3. Contract and share acquisition date: July 17, 2012
4. Number of NPU shares acquired: 710,000
5. Number of shares held by Tosoh Corporation and stake: Before: 80.28% (2,890,000 shares) After: 100.00% (3,600,000 shares)
TOSOH CORPORATION
WHO WE ARE
Tosoh Corporation is a Japanese chemical company established in 1935 and listed on the First Section of the Tokyo Stock Exchange. It is the parent of the Tosoh Group, which comprises 130 companies worldwide and a multiethnic workforce of over 11,000 people and generated net sales of ¥687.1 billion (US$8.4 billion at the year-end rate of ¥82.19 to the US dollar) in fiscal 2012, ended March 31, 2012.
WHAT WE DO
Tosoh is one of the largest chlor-alkali manufacturers in Asia. The Company supplies the plastic resins and an array of the basic chemicals that support modern life. Tosoh's petrochemical operations supply ethylene, polymers, and polyethylene, while its advanced materials business serves the global semiconductor, display, and solar industries. Tosoh has also pioneered sophisticated bioscience systems that are used for the monitoring of life-threatening diseases, such as diabetes and certain cancers, and to prevent epidemics by identifying pathogenic microbes. In addition, Tosoh develops products and provides services to purify water and to monitor the environment as part of a commitment to a sustainable future.
Stock Exchange Ticker Symbol: JP: 4042