April 1, 2015
As officially announced in the release “Share purchase agreement for Hitachi Tool Engineering, Ltd.” dated September 26, 2014, Mitsubishi Materials Corporation (President: Akira Takeuchi; hereinafter referred to as “Mitsubishi Materials”) and Hitachi Metals, Ltd. (President: Hideaki Takahashi; hereinafter referred to as “Hitachi Metals”) entered into an agreement under which Mitsubishi Materials will acquire 51% of the issued shares in Hitachi Tool Engineering, Ltd. (hereinafter referred to as “Hitachi Tool”), a wholly owned subsidiary of Hitachi Metals. The transaction is intended to strengthen the base of the cemented carbide products (cutting tools) business at Mitsubishi Materials and Hitachi Metals.
The companies hereby provide notice that the share transfer procedures are complete, the company has changed its name to Mitsubishi Hitachi Tool Engineering, Ltd. (hereinafter referred to as “Mitsubishi Hitachi Tool”), and the company will newly commence operations as Mitsubishi Hitachi Tool on April 1, 2015.
Mitsubishi Hitachi Tool is a manufacturer of cemented carbide products, which enable high-precision, high-efficiency and high-speed processing. In particular, based on strengths in surface modification and shape technology, Mitsubishi Hitachi Tool specializes in the processing of difficult-to-cut material and complicated shapes such as three-dimensional mold processing and parts for power-generation equipment and aerospace engines. Over a period of many years, Mitsubishi Hitachi Tool has captured a high domestic market share in the field of complicated shape processing by utilizing product development capability gained by making proposals and providing solutions to customers.
While continuing a partnership with the tool steel business of Hitachi Metals, Mitsubishi Hitachi Tool will further expand its overseas business by boosting sales, utilizing the strengths of Mitsubishi Materials; namely, materials development and production technology for cemented carbide products, as well as a vast global sales network.
Through this share acquisition, Mitsubishi Materials aims to leverage Mitsubishi Hitachi Tool’s lineup of leading-edge cemented carbide products and ability to make advanced technology proposals related to the processing of diverse materials to offer an even broader range of products and services required by the market, centered on the automotive, aerospace and energy-related fields. Furthermore, Mitsubishi Materials will continue pushing forward with Mitsubishi Hitachi Tool toward its coal of capturing a share of more than 10% in the global market for cemented carbide products.
Hitachi Metals will expand its customer base with the cemented carbide business of Mitsubishi Materials. Moreover, in high-grade special steel fields such as tool steel and materials/products for the aerospace and energy industries, Hitachi Metals will strengthen and expand its total solutions from material development to manufacturing, processing and sales.
Through joint management of Mitsubishi Hitachi Tool, Mitsubishi Materials and Hitachi Metals will construct a “win-win-win” relationship by exerting the strengths of each company while utilizing each other’s management resources. We shall strive to become a trusted “best partner” to our customers.
|(1) Company name||Mitsubishi Hitachi Tool Engineering, Ltd.|
|(2) Name and title of representative||Teruhiko Masuda, President and Representative Director|
|(3) Location||1-2-1 Shibaura, Minato-ku, Tokyo|
|(4) Business fields||Manufacturing and sales of tips, cutting tools, wear-resistant products, tools for urban development, and various machine tools made of specialty steels, carbide alloys, etc.|
|(5) Capital||¥1,455 million|
|(6) Major shareholders and shareholding||Mitsubishi Materials Corporation: 51%; Hitachi Metals, Ltd.: 49%|
[Inquiries regarding this release]
Mitsubishi Materials Corporation
Corporate Communications & IR Dept., Corporate Strategy Div.
Hitachi Metals, Ltd.