- This joint venture will be called MU Ionic Solutions Corporation
- The two companies have now decided to expand the relationship to increase the competitiveness in and outside of Japan
Mitsubishi Chemical Corporation and Ube Industries have announced that they will establish a joint venture company named MU Ionic Solutions Corporation by joint incorporation-type split to succeed the electrolyte business for lithium-ion rechargeable battery and other applications of both companies. Mitsubishi Chemical will own 80 per cent and Ube Industries will own 20 per cent of the issued shares of the new joint venture company. MU Ionic Solutions Corporation will be established on 10th October 2020 and will be headquartered in Tokyo
Increase the competitiveness in and outside of Japan
They have been jointly operating the business in China through Changshu UM Battery Materials in the form of a joint venture since January 2018. The two companies have now decided to expand the relationship to increase the competitiveness in and outside of Japan. They said that they will work to enhance product development capabilities, strengthen the management base by streamlining purchasing, production, and sales systems. They will also integrate research and development and combine the intellectual assets and technical development capabilities of the two companies.
The two parties will establish the new joint venture company in Japan and transfer the assets of both companies related to the business, including manufacturing sites in Japan, to the new joint venture company. Changshu UM Battery Material will be a wholly-owned subsidiary of the new joint venture company.