Calgon Carbon Corporation, a business that provides services and solutions for making water and air safer and cleaner, has acquired Calgon Carbon Japan KK (CCJ), the former joint venture between Calgon Carbon Corporation (Calgon Carbon) and Mitsubishi Chemical Corporation (MCC). The transaction occurred in accordance with the Redemption, Asset Transfer and Contribution Agreement which was executed by MCC and Calgon Carbon in 2010.
Calgon Carbon had increased its ownership of the joint venture from 49% to 80% on March 31, 2010 through the redemption of MCC shares and had changed the name to Calgon Carbon Japan KK. On March 31, 2011 the company completed the acquisition of CCJ. Leading up to the March 2011 transaction, Calgon Carbon negotiated certain claims with MCC and the final 20% was acquired without payment of any additional cash. CCJ is now a wholly owned subsidiary of Calgon Carbon.
The total purchase price of the MCC shares, subject to adjustment for changes in net asset value, is ¥951,000,000 (approximately $10.6 million). Of the total, ¥722,810,146 will be paid at the closing on March 31, 2010, and ¥228,189,854 will be paid in March 2011. Calgon Carbon will also assume MCC’s share of CMCC’s debt which is estimated to be ¥714,000,000 ($7.9 million). The closing is subject to certain conditions typically associated with this type of transaction.
John S. Stanik, Calgon Carbon’s president and chief executive officer added, “This is an important acquisition for our company. It represents a major step in implementing our strategic initiative to increase Calgon Carbon’s presence in Asia, and significantly strengthens our core capability in that region.”
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