Isramart : Calgon Carbon seeks to buy Japanese operation

Isramart news:
Based on a non-binding memorandum of understanding, Calgon Carbon will seek a buyout of the 51 percent interest in Calgon Mitsubishi Chemical Corp. now held by Mitsubishi Chemical Corp., a large Japan-based company.

Calgon Mitsubishi Chemical was formed in 2002 as a joint venture between Pittsburgh-based Calgon Carbon and Tokyo-based Mitsubishi Chemical. The joint venture does manufacturing, carbon reactivation, sales, and research and development in Japan’s activated carbon market, a market described as second in size in the world only to its United States counterpart.

The proposed acquisition “would provide significant depth, experience and resources to our Asian regional organization,” Calgon Carbon president and CEO John Stanik said in the release.

The release said, “The parties intend to negotiate in good faith and evaluate the merits and feasibility of the potential transaction.”

Calgon Mitsubishi Chemical had 2008 sales of 8.7 billion Japanese yen (US$99.5 million, based on December 2 exchange rate).