Press releases




February 18, 2009

Mitsubishi Heavy Industries, Ltd. (MHI), AREVA, Mitsubishi Materials Corporation (MMC) and Mitsubishi Corporation (MC) create a Joint Venture of Full-fledged Nuclear Fuel Fabrication Business



Tokyo, February 18, 2008 - On February 17 Mitsubishi Heavy Industries, Ltd. (MHI), AREVA, Mitsubishi Materials Corporation (MMC) and Mitsubishi Corporation (MC) have signed the shareholders agreement to establish a joint company ("New Company") in the nuclear fuel fabrication business. The New Company will be a full-fledged nuclear fuel fabrication service supplier, integrating development, design, manufacturing and sales. The signing of the shareholders agreement is based on a four-party agreement signed last December. Going forward the four companies will endeavor towards the establishment of the New Company on April 1st this year.

The New Company is aimed at contributing to a stable supply of high quality nuclear fuel fabrication service in response to the increasing importance of nuclear power generation globally amid expanding efforts to prevent global warming.

The New Company will be established by restructuring the existing Mitsubishi Nuclear Fuel Co., Ltd. (MNF)*, which is located in Tokai-mura, Ibaraki Prefecture, as a full-fledged, comprehensive nuclear fuel fabrication company. It will supply Japanese customers with uranium fuel assemblies for pressurized water reactors (PWR), boiling water reactors (BWR) and high-temperature gas-cooled reactors, as well as uranium-plutonium mixed oxide (MOX) fuel assemblies. It will also provide related services, including uranium reconversion. The New Company is also slated to newly enter into overseas markets as an independent supplier of MHI-designed fuel assemblies for PWRs.

MHI and AREVA also confirmed they are doing necessary preparation to jointly invest (MHI 50% and AREVA 50%) in a dedicated nuclear fuel fabrication facility to be built in the United States.

* MNF's equity is currently owned by MMC (66%) and MHI (34%)

Outline of the New Company


 Company Name: Mitsubishi Nuclear Fuel Co., Ltd (by restructuring the existing MNF)
 Address: (Headquarters & Plant) Tokai-mura, Ibaraki 
                  (Tokyo main office) Tokyo
 Capital: 11.4 billion yen
 Ownership ratios: MHI 35%, MMC 30%, AREVA 30%, MC 5%
 President: Hiroshi Inoue (Currently Executive Officer, MHI)
 Employee number: about 540 employees
 Date of establishment: April 1st, 2009 (planned)
 Description of business: development, design, manufacturing and sales of nuclear 

More about


Mitsubishi Heavy Industries, Ltd.: Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 3,203 billion yen in fiscal 2007 (year ended March 31, 2008). MHI's diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. les équipements environnementaux, les structures en acier, la machinerie industrielle et générale, l'aéronautique, les technologies spatiales et les systèmes de climatisation
 http://www.mhi.co.jp

Mitsubishi Materials Corporation: Founded in 1871 and established in 1950, Mitsubishi Materials Corporation is one of the world's largest diversified materials companies. In addition to being a leader in metal smelting and refining, cement products and fabricated metals, Mitsubishi Materials is also a major supplier of electronic materials and components. The Company's high-level research and development programs are instrumental in enabling it to maintain its dominant position in key markets..
 http://www.mmc.co.jp

Mitsubishi Corporation : Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 60,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise. For more information, please visit the MC website
 http://www.mitsubishicorp.com.

Contacts


 Mitsubishi Heavy Industries, Ltd. :
Hideo Ikuno: h.ikuno@daiya-pr.co.jp
Tel: +813-6716-5277, Fax: +813-6716-5929
Daiya PR (in charge of public relations for Mitsubishi Heavy Industries, Ltd.) 

 Mitsubishi Materials Corporation . :
Public Relations & IR Dept.
Tél: Tél. : +813-5252-5206

 Mitsubishi Corporation  :
Press Relations Team, Corporate Communications Dept 
Tél: +813-3210-3448

 AREVA :
Patricia Marie / Julien Duperray / Pauline Briand
Tél: +33-1-34-96-12-15

 AREVA Japon  :
Tél: +813-3597-8791

All the press releases