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  • Authorization of a Specified Business Restructuring Plan Submitted by Mitsubishi Materials Corporation and Hitachi Metals, Ltd. under the Industrial Competitiveness Enhancement Act

Authorization of a Specified Business Restructuring Plan Submitted by Mitsubishi Materials Corporation and Hitachi Metals, Ltd. under the Industrial Competitiveness Enhancement Act

On June 27, 2014, the Ministry of Economy, Trade and Industry (METI) authorized a specified business restructuring plan, under the Industrial Competitiveness Enhancement Act, submitted by Mitsubishi Materials Corporation and Hitachi Metals, Ltd.

Aiming to survive intensive global competition with the expectation of the global market for aircraft engines to grow, in accordance with the plan, the companies will combine their high technological capabilities, extensive knowledge, and solid management bases so as to strengthen their competitiveness and enhance and expand their customer bases.

1. Authorization of the Specified Business Restructuring Plan

METI examined the specified business restructuring plan submitted by Mitsubishi Materials and Hitachi Metals pursuant to Article 26, paragraph (4) of the Industrial Competitiveness Enhancement Act. METI concluded that the companies satisfied the requirements specified by said Act as entrepreneurs who are to carry out a business restructuring defined by Article 2, paragraph (12) of said Act, and authorized the plan.

The companies are now eligible for a reduction of the registration and license tax required for the capital increase registration upon the business restructuring by the companies, in which Hitachi Metals will invest in MMC Superalloy Corporation (the name will be changed to Hitachi Metals MMC Superalloy Corporation on July 1, 2014), a wholly owned subsidiary company of Mitsubishi Materials, as well as for a tax program for facilitating business restructuring.

2. Implementation period

From July 2014 to June 2024

3. Applicant’s profile

Name: Mitsubishi Materials Corporation
Capital: 119.457 billion yen
Representative: Hiroshi Yao, President and CEO
Head Office: 1-3-2, Otemachi, Chiyoda Ward, Tokyo

Name: Mitsubishi Materials Corporation
Capital: 26.284 billion yen
Representative: Hideaki Takahashi, President and OEO
Head Office: 1-2-1 Seavans N Building, Shibaura, Minato Ward, Tokyo

Reference:

For details of the Act and the related supportive measures, please visit the following website:
http://www.meti.go.jp/english/policy/economy/industrial_competitiveness_act/index.html

Release Date

June 27, 2014

Division in Charge

Aerospace and Defense Industry Division, Manufacturing Industries Bureau

Ministry of Economy, Trade and Industry
1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8901, Japan Tel: +81-(0)3-3501-1511
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