TOKYO, March 18, 2011_Ube Industries, Ltd. today announced that it has decided to establish a local subsidiary in South Korea, which will serve as a launch pad for developing the market for Ube Group products and pursuing sales in South Korea.
The new subsidiary, Ube Korea Co., Ltd., will begin operations in April 2011. South Korea is home to a number of leading semiconductor companies and electrical and electronic manufacturers, and offers great potential as a market, particularly for products handled by the Specialty Chemicals & Products Company of the Ube Group. The South Korean market is also home to many leading manufacturers in the automotive and shipbuilding sectors.
The Ube Group has a long track record of marketing products to diverse industrial sectors in South Korea. The decision to establish a local subsidiary is based on the recognition that the South Korean market will continue to grow in importance to the future business development plans of the Ube Group. Moving forward, the new subsidiary will endeavor to work closely with the South Korean market and develop stronger ties with leading corporate groups, in order to strengthen market development and sales with the aim of further expanding the business of the Ube Group in South Korea.
| Company Name | Ube Korea Co., Ltd. |
|---|---|
| Location | Gangnam-gu, Seoul, South Korea |
| To Be Established | March 2011 |
| Start of Operations | April 2011 |
| Capital Stock | 400 million Korean won |
| Shareholders | Ube Industries, Ltd (100%) |
| President | Manabu Ishimaru (presently Deputy General Manager, Strategy Planning Department, Specialty Chemicals & Products Company, Ube Industries, Ltd.) |
