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Thursday, August 16, 2001
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CMC to acquire Mitsubishi Chemical’s Ireland subsidiary
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"...CMC Magnetics on August 14 decided to acquire MC Infonics Ireland (MCII), a subsidiary of Mitsubishi Chemical Corporation (MCC). Through MCII, CMC will be able to further control the European market and solve the European Union (EU) anti-dumping tariff problem.
At a board of directors meeting, the company also decided to sell the computer tape production equipment in its affiliates VIC and VTC to US-based Verbatim, an MCC subsidiary whose operation concentrates on the US, Canada and South America markets. In the future, CMC will drop the computer tape operation completely and focus on developing its CD-R disc business. CMC said that to meet the growing demand for optical storage media in Europe and solve the anti-dumping tariff issue, the company and its strategic partner MCC had long reached a consensus on buying MCII. CMC indicated that it will purchase all of MCII’s shares through its subsidiary EMC Holding. Currently, the two parent companies have already signed a memo of understanding and will confirm all the transaction details at the end of August.
MCII was established in 1997. CMC said that MCII will continue to manufacture CD-R and CD-RW discs for European markets after the takeover. MCII’s monthly production capacity tops five million units at the moment. The Taiwan storage media maker said that it will consider enhancing MCII’s capacity depending on overall demand..."
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