KPG to Acquire Mitsubishi Chemical Corporation, Japan Plate Business
Press release from the issuing company
Agreement includes right to sell to MCC channel and customers in Asia
Norwalk, Connecticut, USA – Kodak Polychrome Graphics (KPG) today announced that it has reached a basic agreement with Mitsubishi Chemical Corporation (MCC) to acquire the plate business in Japan of MCC Group (MCC and Mitsubishi Chemical Media, a subsidiary of MCC).
"Customers in Japan and Asia Pacific can count on receiving the same high quality products they are accustomed to, manufactured in the same plants and serviced by the same people," said Jeff Jacobson, Chief Executive Officer, KPG. "We welcome our new customers and dealer partners from MCC and believe they will experience significant value from having access to the industry’s broadest technology base and working with a company which is solely focused on the graphic arts."
Under terms of the proposed acquisition, MCC will continue to manufacture thermal and conventional plate products for KPG on a contract basis at its Kashima, Japan plant. KPG obtains the right to manufacture and sell products to MCC’s customers and dealers in Japan, as well as a right to sell products to the MCC channel and customers in Asia. Approximately 30 MCC sales, marketing and technical employees will transfer to KPG.
KPG is a leading supplier of digital and conventional solutions to the graphic arts industry in Japan. The Company’s Japan Region is headquartered in Tokyo. It also has a plate manufacturing and research and development facility in Gunma, as well as seven sales offices throughout the country.
"We will focus our efforts on ensuring a smooth transition for customers, dealers and employees," said Kiyoo Shimada, Ph.D., President and Chief Executive Officer, KPG, Japan. "Our commitment is to deliver continuity in product quality, reliability and supply."
The transaction is expected to be finalized by December 1, 2002. Terms of the acquisition will not be released
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