According to the company’s website press release on February 7, 2023, Mitsubishi Chemical Group Corporation (hereafter the “Company”) hereby announces a resolution made at the Company’s Corporate Executive Officers Committee meeting held that the Company will carry out an absorption-type merger (hereinafter, “the Merger”) with its wholly-owned subsidiary, The KAITEKI Institute, Inc., effective on April 1, 2023.
Because the Merger is a simplified absorption-type merger of a wholly-owned subsidiary, some disclosure items and details are omitted.
Purpose of the Merger
The KAITEKI Institute, Inc., was established on April 1, 2009, as a wholly owned subsidiary of the Company with the purpose of conducting research and examining future social changes, issues, and needs; proposing concepts for new businesses that respond to these issues; and conducting research that will form the core of the businesses.
In the recent transition to a flat organizational structure based on the concept of "One Company, One Team," the company has merged The KAITEKI Institute, Inc., directly into the Mitsubishi Chemical Group to create an efficient management structure for new business creation. The key roles of The KAITEKI Institute will be combined with similar functions within Mitsubishi Chemical Group’s corporate functions (especially Innovation). In this way, the knowledge and capabilities developed by The KAITEKI Institute can more efficiently enhance new business creation within the Group.
Summary of the Merger
Schedule of the Merger
- Merger approved by the Corporate Executive Officers Committee: February 7, 2023
- Merger agreed between the parties: February 7, 2023
- Merger to take effect: April 1, 2023
Method of the Merger
The Merger will take the form of an absorption-type merger wherein Mitsubishi Chemical Group Corporation is to be the surviving company and The KAITEKI Institute is to be dissolved.
Details of Share Allotment for the Merger
No shares or money will be allotted as a result of the Merger.
Handling of Stock Acquisition Rights and Bonds with Stock Acquisition Rights as a Result of the Merger
No applicable items.
Status After the Merger
There will be no changes in company name, address, name and title of representative, business description, paid-in capital and fiscal year end for the parties involved in the Merger.
Future Outlook
Since this is a merger of a wholly owned subsidiary of the Company, the Merger will have no effect on the Company's consolidated financial results.
