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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsui Chemicals, Inc.    4183   JP3888300005

MITSUI CHEMICALS, INC. (4183)
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Mitsui Chemicals : Completion of Expansion of Electrolyte Solution Production Capacity in China

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12/08/2017 | 03:19am CET

Mitsui Chemicals, Inc. (Tokyo; President & CEO: Tsutomu Tannowa; 'Mitsui Chemicals') has announced the commencement of commercial operation of facilities for the production of electrolyte solution for lithium-ion batteries run by Formosa Mitsui Advanced Chemicals Co., Ltd. ('FMAC'), a joint venture of Mitsui Chemicals and Formosa Plastics Corporation (Taiwan; Chairman & President: Jason Lin; 'Formosa Plastics'), in November 2017. The capacity had previously been expanded in December 2016.

The market for lithium-ion batteries is growing in line with the rising demand for laptops, smartphones and tablets. It is anticipated that the market will expand further, mainly in China, given that plug-in hybrid vehicles and electric vehicles (EVs) with smaller environmental footprints will come into widespread use.

In collaboration with Formosa Plastics, Mitsui Chemicals constructed the facilities to produce high quality electrolyte solution, beginning commercial operation in July 2016. In preparation for the market growth, the recent expansion was made to bolster the supply system by calling on well established technologies and knowledge on electrolyte solution, to meet growing demand in the Chinese market.

Outline of FMAC and expanded production capacity

1. Name Formosa Mitsui Advanced Chemicals Co., Ltd.
2. Establishment August 2013
3. Capital US$ 8.2 million
4. Equity ratio Mitsui Chemicals 50%, Formosa Plastics 50%
5. Location FPC industrial complex in Ningbo, China
6. Business Manufacture, sales and research for electrolyte solution in China
7. Capacity 5,000 tons / year (including the recent expansion by 3,500 tons / year)

Demand for lithium-ion battery-use electrolyte solution is also expected to grow in Japan, especially for onboard equipment. At Mitsui Chemicals, its production facility with the capacity of 5,000 tons/year at the Nagoya Works has been in commercial operation since April 2017.

Mitsui Chemicals has targeted the mobility domain as a growth driver. As one of the growth leaders in this domain, it is actively pursuing expansion of its unique and distinctive electrolyte solutions for lithium-ion batteries. It will continue to strengthen and enlarge its mobility business by expanding its electrolyte solution supply systems in China and Japan.

Outline of Formosa Plastics

1. Name FORMOSA PLASTICS CORPORATION
2. Establishment November 1954
3. Capital US$ 1,930 million
4. Location 201 Tung Hwa N. Road Taipei, Taiwan
5. Business Manufacture and sales of petrochemicals and chemical products
6. Employees 6,316 (2016)

Attachment

Completion of Expansion of Electrolyte Solution Production Capacity in China 〜 Meeting growing EV demand in China 〜 (PDF : 108KB)

Mitsui Chemicals Inc. published this content on 08 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 December 2017 02:17:08 UTC.

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Financials ( JPY)
Sales 2018 1 294 B
EBIT 2018 -
Net income 2018 74 679 M
Debt 2018 345 B
Yield 2018 2,51%
P/E ratio 2018 9,51
P/E ratio 2019 9,54
EV / Sales 2018 0,82x
EV / Sales 2019 0,79x
Capitalization 719 B
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 3 810  JPY
Spread / Average Target 8,4%
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Managers
NameTitle
Tsutomu Tannowa Executive President & Representative Director
Yoshito Ito IR Contact, Head-Finance & Accounting
Shigeru Isayama Director, Head-Research & Development
Hideki Matsuo Director & Managing Executive Officer
Masaharu Kubo Director, Head-Accounting & Legal Affairs
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