January 29 2014
It is our great pleasure to announce that Mitsubishi Materials Corporation and Hitachi Metals, Ltd. executed a share purchase agreement in which Hitachi Metals will acquire shares equivalent to 51% of issued shares in MMC Superalloy Corporation ("MMCSA") through (i) the transfer of a portion of shares in MMCSA from Mitsubishi Materials to Hitachi Metals (ii) the issuance of shares for subscription by way a third party allotment by MMCSA to Hitachi Metals (the "Transaction") for the purpose of strengthening the aircraft and energy materials business. The joint venture company name is planned to be changed to "Hitachi Metals MMC Superalloy, Ltd." (tentative name) after the Transaction is effected. We expect the date of the Transaction is to be July 1, 2014.
Following this Transaction, our company name will be changed, however we will continue to provide our quality products for you as in the past. Mitsubishi Materials and Hitachi Metals will jointly facilitate the business operation of MMCSA. MMCSA is also determined to endeavor to strengthen our international competitiveness and to provide new products, services, and solutions that are expected by markets and customers. We are also sure that we can meet the expectations of your company faster than ever by taking advantage of the mobility that we have cultivated.
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