Japanese firms Asahi Glass Co. and Mitsubishi Corp. said they have agreed with British Nuclear Fuels PLC (BNFL) to acquire all shares in BNFL“s wholly owned subsidiary F2 Chemicals Ltd.
Asahi Glass …
Japanese firms Asahi Glass Co. and Mitsubishi Corp. said they have agreed with British Nuclear Fuels PLC (BNFL) to acquire all shares in BNFL“s wholly owned subsidiary F2 Chemicals Ltd. Asahi Glass and the trading house will pay UK 5 million (about 856 million yen) to BNFL for the subsidiary, as part of a plan to strengthen their fluorinated fine chemicals business, officials of the two Japanese companies said. The share purchase agreement was signed January 31, the officials said. BNFL, currently suffering from a data falsification scandal over its plutonium-uranium mixed oxide (MOX) fuel shipped to Japan, has been seeking a purchaser for F2 Chemicals. Asahi Glass and Mitsubishi considered that F2 Chemicals“ fluorine-related technologies would be a strong asset to have to meet global competition, the officials said. Asahi Glass will own a 51% stake in F2 Chemicals, while Mitsubishi and its Milan-based subsidiary, Miteni SpA, will hold the remaining 49%. Miteni makes fluorinated fine chemicals. The officials said they expect F2 Chemicals“ estimated turnover of 500 million yen (UK 2.9 million) last year will be doubled within five years, with both Japanese companies actively supporting its research and development and marketing efforts.