Mitsui Chemicals Acquired US Corning SunSensors® Photochromic Lens Material

  Mitsui Chemicals Acquired US Corning SunSensors® Photochromic Lens Material

                     -Expansion of Vision Care Business-

Business Wire

TOKYO -- May 20, 2014

Mitsui Chemicals, Inc. (TOKYO:4183 ; President & CEO: Tsutomu Tannowa)
announced the acquisition of Corning Incorporated’s (NYSE:GLW) SunSensors^®
operations on May 15, 2014. Through the acquisition, Mitsui Chemicals moves to
bolster its world-class ophthalmic lens material business while breaking into
the rapidly growing global photochromic lens market. The company will
aggressively develop and sell competitive new photochromic lens materials.

Mitsui Chemicals offers high to low refractive index ophthalmic lens material
and coatings to meet the diverse needs of people around the world. The company
is known as a premier provider of ophthalmic lens materials with its thin and
light “MR^TM Series” super durable and clear high refractive index lens
material, which allows progressive design. The world-leading “MR^TM Series”
revolutionized ophthalmic lens material standards and is now regarded as the
global standard for lens quality around the world.

Similarly, Corning has been a driving force behind the photochromic lens
market since the 1960s, when it first launched its photochromic eyeglass lens
materials. The company has continued to lead the market with innovations,
including its SunSensors^® brand of photochromic organic lens materials.

Mitsui Chemicals’ acquisition of Corning’s photochromic lens material
business, which is showing staggering growth in not only developed markets but
also in developing markets such as India and Brazil, will contribute to the
growth of the company’s vision care materials business while expanding the
product lineup to improve its ophthalmic lens material solutions and
contribute to optimized customer service.

Mitsui Chemicals will use its efficient global customer and sales network to
bolster sales growth of SunSensors^® products while intensifying development
of new competitive vision care materials including next-generation
photochromic lens material to strengthen the company’s position as a provider
of new value for its customers.

Outline

1. Subject of acquisition: Business rights of photochromic lens material,
patents for photochromic monomer, and trademark rights of SunSensors^® and
SunSensors^®+

2. Effect of acquisition:

a. New business: Entry into significantly growing photochromic lens materials
market and strengthening of ophthalmic lens material business  (current
estimated world photochromic lens market 150 billion yen)

b. New product development: Synergy of Mitsui Chemicals’ superior ophthalmic
lens material technology with Corning’s superior photochromic technology to
bolster development of next-generation photochromic lens material

c. Product portfolio to meet diverse market needs: Optimal customer service
through addition of photochromic lens material to lineup which includes high
to low refractive index ophthalmic lens material to meet diverse global market
needs

d. Use of sales network: Expansion of SunSensors^® market through use of
Mitsui Chemicals’ global customer and sales network

e. Use of manufacturing technology: Use of Group’s superior lens material
synthesis and manufacturing technology to establish a more efficient
production system for photochromic lens material

About Mitsui Chemicals

Mitsui Chemicals (Tokyo:4183, ISIN:JP3888300005) contributes broadly to
society by providing high-quality products and services to customers through
innovations and creation of materials and products while keeping in harmony
with the global environment. Mitsui Chemicals’ business portfolio includes
automotive materials, healthcare, food packaging, energy, agrochemicals, and
others.

The Mitsui Chemicals Group traces its origins back to 1912. The Group now has
over 135 companies and around 14,500 employees in 27 countries worldwide. In
the fiscal year ending March 2013, the Group posted consolidated sales of US$
14,952 million.

More information can be found at http://www.mitsuichem.com/index.htm

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Contact:

Mitsui Chemicals
Corporate Communications Division
Yuri Matsunaga, +81-3-6253-2100
Yuuri.Matsunaga@mitsui-chem.co.jp
 
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