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MRC transfer marketing of acrylic filaments & synthetic leather
02 Mar '07
3 min read
Method of divestiture: Mitsubishi Rayon Co Ltd is to transfer to its consolidated subsidiary Mitsubishi Rayon Textile Co Ltd the marketing functions described above (including rights and obligations).
As permitted under the provisions of Article 784, Clause 3 of the Corporation Law, the members of the Board of Directors of MRC have taken the decision to implement this divestiture without seeking the approval of the Company's shareholders at a General Meeting of Shareholders.
Reasons for adopting the method of divestiture:
By separating the marketing operations of MRC's acrylic filament and synthetic leather businesses from the production operations, and amalgamating the said marketing operations with the existing textile marketing operations of Mitsubishi Rayon Textile (which are focused on the apparel field and based on a strategy of differentiation from competitors' products), it is intended that Mitsubishi Rayon Textile's business portfolio will be strengthened by the addition of unique, high-quality materials.
It is for these reasons that MRC has chosen to divest the said marketing operations to its consolidated subsidiary Mitsubishi Rayon Textile Co Ltd.
Mitsubishi Rayon Textile shall take over from MRC all assets, liabilities, and contractual rights & obligations as shall be deemed necessary for carrying out the operations that Mitsubishi Rayon Textile is to take over from MRC.
New directors to be assigned to the subsidiary: No additional director or directors shall be appointed for Mitsubishi Rayon Textile Co Ltd. on the occasion of the present divestiture.
As permitted under the provisions of Article 784, Clause 3 of the Corporation Law, the members of the Board of Directors of MRC have taken the decision to implement this divestiture without seeking the approval of the Company's shareholders at a General Meeting of Shareholders.
Reasons for adopting the method of divestiture:
By separating the marketing operations of MRC's acrylic filament and synthetic leather businesses from the production operations, and amalgamating the said marketing operations with the existing textile marketing operations of Mitsubishi Rayon Textile (which are focused on the apparel field and based on a strategy of differentiation from competitors' products), it is intended that Mitsubishi Rayon Textile's business portfolio will be strengthened by the addition of unique, high-quality materials.
It is for these reasons that MRC has chosen to divest the said marketing operations to its consolidated subsidiary Mitsubishi Rayon Textile Co Ltd.
Mitsubishi Rayon Textile shall take over from MRC all assets, liabilities, and contractual rights & obligations as shall be deemed necessary for carrying out the operations that Mitsubishi Rayon Textile is to take over from MRC.
New directors to be assigned to the subsidiary: No additional director or directors shall be appointed for Mitsubishi Rayon Textile Co Ltd. on the occasion of the present divestiture.
Mitsubishi Rayon Co Ltd
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