Notice of Conclusion of Joint Venture Agreement with MMP INDUSTRIES LIMITED
As was notified in our press release of September 2014, we have been considering joint business with MMP INDUSTRIES LIMITED (hereinafter called "MMP") of the Republic of India. As a result of this consideration, our Board of Directors today decided on the conclusion of a joint venture agreement with MMP as follows.
1. Purpose
We have concluded a joint venture agreement between Toyo Aluminium, which takes a large share of the manufacturing and sales of aluminium powder and paste in both Japan and overseas, and MMP, which has a production base in India. Through the cooperation between our two companies, we aim to utilize our respective strengths to strengthen our competitive power both within India and on the global market.
2. Outline of Joint Venture Company
| trade name | TOYAL MMP INDIA PRIVATE LIMITED |
|---|---|
| Location | Nagpur, State of Maharashtra, Republic of India |
| Representative | To be decided |
| Date of establishment | Planned for May 2016 |
| Main business contents | Manufacturing and sales of aluminium paste |
| Accounting period | Ending March 31st (Planned) |
| Capital | 300 million Indian Rupee (Approx. 492 million Japanese Yen) |
| Shareholder composition | Toyo Aluminium: 74% MMP: 26% |
3. Outline of Partner in Joint Venture (As of March 2016)
| trade name | MMP INDUSTRIES LIMITED |
|---|---|
| Location | Nagpur, State of Maharashtra, Republic of India |
| Representative | Arun Bhandari |
| Date of establishment | October 8, 1973 |
| Main business contents | Manufacturing and sales of aluminium flakes, powder and paste |
| Employees | Approx. 326 |
| Capital | 82.9 million Indian Rupee (Approx. 136 million Japanese Yen) |
| Sales | 2,007 million Indian Rupee (Approx. 3,291 million Japanese Yen) |
* Calculated using 1 Rupee = 1.64 Japanese Yen
4.Future Development
We will construct a manufacturing plant for aluminium paste in the area and aim to begin operations in one year's time.
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MMP President Arun Bhandari (left) and Toyo Aluminium President Hiroshi Yamamoto (right) shaking hands at the signing ceremony for the joint venture agreement
