Notice of Acquisition by Mitsui Kinzoku Mining as a Wholly Owned Subsidiary
We are pleased to announce that as of March 1, 2024, we have become a wholly owned subsidiary of Mitsui Kinzoku Mining Corporation (President: Takeshi Nori).
(Head office: Shiroishi City, Miyagi Prefecture; President: Fumihiro Katakura), which had previously held a 70% stake in Mitsui Kinzoku, acquired the remaining 30% stake held by Tokin Corporation (Head office: Shiroishi City, Miyagi Prefecture; President: Fumihiro Katakura).
Our company has been a consolidated subsidiary under the Functional Materials Division of Mitsui Kinzoku, and our business is positioned as one of the "Value Expansion" businesses along with the copper foil and functional powder businesses of Mitsui Kinzoku.
In the future, we will further promote the creation of synergies in the advanced materials field with each of Mitsui Kinzoku's entities, including the functional powder rare metal business of Mitsui Kinzoku, which has a light rare earth market such as cerium-based abrasives and whose site is adjacent to ours, to accelerate innovation and investment in new rare earth-related technology development and further increase business value We will realize further improvement of business value by accelerating innovation and investment in the development of new rare-earth-related technologies.
There will be no impact on transactions with our customers as a result of this shareholder change, and we would appreciate your continued patronage.
*Press release by Mitsui Kinzoku Mining dated February 29, 2024.
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