JFE Engineering Completes Acquisition of Shares of Mitsui E&S Plant Engineering Inc.
JFE Engineering Corporation
JFE Engineering Corporation (President and CEO: Hajime Oshita, Head Office: Chiyoda-ku, Tokyo) recently completed the acquisition of all shares of Mitsui E&S Plant Engineering Inc. (President: Ryo Omori, Head Office: Chiba, Chiba Prefecture; hereinafter, "MPE"), a subsidiary of Mitsui E&S Engineering Co., Ltd. (President: Shigeru Tokumaru, Head Office: Chuo-ku, Tokyo) based on the share transfer agreement signed on December 24, 2019 *1.
Accompanying the acquisition, the name of MPE was changed to JFE Project One Co., Ltd.
Details of share acquisition
| (1) Object company | Mitsui E&S Plant Engineering Inc |
|---|---|
| (2) Company transferring shares | Mitsui E&S Engineering Co., Ltd. |
| (3) No. of shares acquired | 100% of issued shares of the target company (9,000 shares) |
| (4) Date of acquisition | March 31, 2020 |
Outline of object company
| (1) Company name | JFE Project One Co., Ltd. (former name: Mitsui E&S Plant Engineering Inc.) |
|---|---|
| (2) Address of head office | 2-6-1 Nakase, Mihama-ku, Chiba, Chiba Pref. |
| (3) Name/title of representative | Ryo Omori, President |
| (4) Business description | Design, construction and maintenance of chemical plants |
| (5) Capital | 450 million yen |
| (6) Date of establishment | June 1987 |
| (7) Number of employees | 340 (approx.) |
| (8) Shareholder, ratio of shares held | JFE Engineering Corporation, 100% |
Purpose of acquisition
JFE Project One Co., Ltd. is a long-established company with traditional strengths in the design, construction and maintenance of petrochemical plants and inorganic chemical plants, and has earned the strong confidence of clients in Japan and other countries by supplying products and services from the client's point of view. JFE Engineering Corporation has endeavored to expand its business in the chemical plant field from an early date. By making JFE Project One a member of the JFE Engineering Group through this acquisition, JFE Engineering can greatly expand its product/service lineup and substantially broaden its client base. JFE Project One can also expect to realize a further enhancement of its corporate value through exchanges of human resources with JFE Engineering and use of JFE's management resources, beginning with its client base.
*1 Mitsui E&S Holdings Co., Ltd. press release dated December 24, 2019
Notice of Share Transfer from Consolidated Subsidiary (Second-Tier Subsidiary)"