Notification of Synthetic Resin Business Integration
Dec. 16, 2001
TOKYO(Dec.6, 2001)--We herein announce that, as of today, Nissho Iwai Corporation, Nichimen Corporation and CHORI CO., LTD. concluded a basic agreement concerning the following points:
1. | CHORI CO., LTD. will invest capital in Pla-Net Holding, Inc., a joint holding company in the synthetic resin business, which was established in March 2001 by Nissho Iwai Corporation and Nichimen Corporation. |
2. | Pla-Net Holding, Inc. will take over CHORI's synthetic resin business. |
3. | Future events December 6, 2001 Nissho Iwai, Nichimen and CHORI concluded a basic agreement. February 28, 2002 Operations pertaining to CHORI's synthetic resin business will be transferred to CHORI PLA-TECHNO CO., LTD. (a wholly-owned subsidiary of CHORI) March 2002 Pla-Net Holding, Inc. will transfer its stock to CHORI CO., LTD. (capital increase undertaking), and will obtain the entire stock of CHORI PLA-TECHNO CO., LTD. at the same time. |