To whom it may concern
October 10, 2017
Company: Teijin Limited Stock code: 3401 (First Section, Tokyo Stock Exchange) Representative: Jun Suzuki, President and CEO
Contact: Hiroki Sorate, General Manager, IR Section Finance and Investor Relations Department
Tel: +81-3-3506-4395
Notice regarding the co-sale of equity interests in film business joint venturesTeijin Limited ("the Company") hereby announces that it has decided to co-sell with E.I. du Pont de Nemours and Company ("DuPont") all of the equity interests the Company owns in the film business joint ventures in the U.S., Europe and China.
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Backgroud
The Teijin Group has been structurally transforming the polyester film business, for which operations have been managed through joint ventures with DuPont. In August 2016, the Company decided to acquire the interests owned by DuPont in the joint ventures in Japan and Indonesia and converted those joint ventures into wholly owned subsidiaries.
Following the conversion of the two joint ventures above into wholly owned subsidiaries, the Company has planned to intensively allocate resources to upgrade the functionality of polyester films, including PEN films, in Japan and Indonesia. In this respect, the four joint ventures with DuPont in the U.S., Europe and China have become less important as resources allocation targets. Considering these circumstances, and based on discussions held with DuPont, the Company has decided to co-sell with DuPont all of the Company's equity interests in the four joint ventures to Indorama Netherlands B.V., and the three parties have entered into a share transfer agreement.
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Particulars of the agreement
The three parties have agreed that the Company will co-sell with DuPont all of the Company's equity interests in DuPont Teijin Films U.S. Limited Partnership, DuPont Teijin Films Luxemburg S.A., DuPont Teijin Films UK Limited, DuPont Teijin Films China Limited, which are joint ventures with DuPont and equity-method affiliates of the Company, to Indorama Netherlands B.V., effective after obtaining appropriate regulatory approvals in each country.
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Outline of the counterparty receiving the transfer of equity intrerests
(1)Name
Indorama Netherlands B.V. (*1)
(2)Location
Markweg 201, 3198NB Europoort, Rotterdam, the
Netherlands
(3)Representative
Ramesh Kumar Narsinghpura, Managing Director, Sunil Baldi, Managing, Director,
Manoj Kumar Singhi, Managing Director
(4)Business
Holding Company
(5)Year Established
2011
(*1) Indorama Netherlands B.V. is the subsidiary of Indorama Ventures Public Company Limited, which principle is Aloke Lohia, the Group CEO and Vice Chairman.
- Impact on operating results
The sale of these equity interests is expected to have only a negligible impact on the Compony's consolidated operating results for the fiscal year ending March 31, 2018.
Reference : Outline of Joint ventures[U.S.A. ]
・Company Name : DuPont Teijin Films U.S. Partnership
・Established : September 1991
・Location : Discovery Drive Bermuda Hundred Hopewell, VA 23860, U.S.A.
・Representative : John Cole Miller
・Capital : 457 thousand USD
[Luxemburg ]
・Company Name : DuPont Teijin Films Luxemburg S.A.
・Established : September 1991
・Location : L-1016 Luxembourg, Grand Duchy of Luxembourg
・Representative : John Cole Miller
・Capital : 38,698 thousand EURO
[ U.K. ]
・Company Name : DuPont Teijin Films UK Limited
・Established : December 1999
・Location : Delberttie Road Drungans Dumfries DG2 8YA Scottland, U.K.
・Representative : John Cole Miller
・Capital : 43,478 thousand GBP
[ China ]
・Company Name : DuPont Teijin Films China Limited
・Established : July 1999
・Location : 26F, Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong
・Representative : Leung Shu Tim
・Capital : 6,186 thousand USD
Teijin Limited published this content on 10 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 October 2017 10:44:01 UTC.
Original documenthttps://www.teijin.com/news/2017/ebd171010.pdf
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