Mitsubishi Corp. completes shareholder agreement with ELG Carbon Fibre
Mitsubishi Corp. (MC, Tokyo, Japan) has completed its acquisition of 25 percent of shares in ELG Carbon Fibre (ELG, Cosely, U.K.), effective April 5, 2019.
Under the agreement, first announced in December 2018, Mitsubishi Corp. intends to promote the sales and marketing of ELG Carbon Fibre’s recycled carbon fiber products and accelerate the global expansion of its recycling operations. The agreement aims to enhance global business development and the reliable supply of reprocessed carbon fiber, by combining ELG Haniel’s advanced technology and proficiency in the metals reprocessing industry, ELG Carbon Fibre’s expertise in carbon fiber recycling and Mitsubishi Corp.’s global network and broad interface with different industries.
“This transaction demonstrates our commitment to driving shareholder value and developing the business on a global scale,” says Frazer Barnes, managing director of ELG Carbon Fibre. “With the strong support of MC, we have already actioned our integration plans to achieve profitable and sustainable growth targets and are confident in our ability to achieve these goals. This agreement provides valuable resources to support ELG’s continued expansion and strengthens our position within the Asian and North America markets.”
The shareholders of ELG Carbon Fibre are now ELG Carbon Fibre International GmbH (ECFI), a 100-percent owned subsidiary of ELG Haniel GmbH (Duisburg, Germany), as well as Mitsubishi Corp.
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