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JSR to Transfer Stock of its Subsidiary

IR  01/13/2009
JSR Corporation ("JSR"; President: Yoshinori Yoshida) reached a basic agreement on January 13, 2009 to transfer all stock shares of its wholly owned subsidiary EXCEL TOKAI CO., LTD. (henceforth referred to as "EXCEL TOKAI") to Nanbu Plastics Co., Ltd. (henceforth referred to as "Nanbu Plastics").

1. Reasons for stock transfer

EXCEL TOKAI was established in 1971 for the purpose of developing application for JSR's plastics business. Specializing in the market for foaming profile extrusion molding products, EXCEL TOKAI manufactured, marketed, and sold housing and industrial materials.

JSR currently develops and implements business strategies to maximize its corporate value. Taking EXCEL TOKAI's situations and business orientation into consideration, JSR has judged that business alliance or transfer is the optimum to further expand and develop its business.

On the other hand, Nanbu Plastics has judged that it could expect synergetic effects between its extrusion molding technology and its lineup of products, centering on large-size mold items, and EXCEL TOKAI's special technology for medium- to small-size molding and its lineup of products.

JSR and Nanbu Plastics discussed and agreed that JSR would transfer entire shareholding of EXCEL TOKAI to Nanbu Plastics for the continual business development and further growth of EXCEL TOKAI.

2. Overview of subsidiary to be transferred

1) Company name: EXCEL TOKAI CO., LTD.
2) Representative: Shunichi Terabe, President
3) Head office: 335-1 Higashitanaka, Gotenba-shi, Shizuoka Pref., Japan
4) Establishment: August 20, 1971
5) Capital: 50 million yen (as of March 31, 2008)
6) Business fields: Development, manufacture, marketing and sales of synthetic resin profile extrusion molding
7) End of fiscal year: March 31
8) Number of employees: 77 (as of March 31, 2008)
9) Total number of shares issued: 100,000 shares
10) Major stakeholder: JSR Corporation 100%
11) Net sales in the recent fiscal years
(Unit: 1,000 yen)
  FY 2007
ended March 31, 2007
FY 2008
ended March 31, 2008
Net sales 1,656,976 1,551,997

3. Company to accept shares

1) Company name: Nanbu Plastics Co., Ltd.
2) Representative: Tsutomu Sasaki, Chairman
Yoshiaki Shinozuka, President
3) Head office: 350-1 Ohata, Yoshida-cho, Haibara-gun, Shizuoka Pref., Japan
4) Establishment: October 26, 1981
5) Capital: 1.8 billion yen (as of March 31, 2008)
6) Business fields: Molding, processing, marketing and sales of synthetic resins
7) Relationship with JSR: No significant interest in the past

4. No. of shares to be transferred and held before and after transfer

1) No. of shares held before transfer: 100,000 shares
(Controlling share 100%)
(No. of voting rights: 100,000)
2) No. of shares to be transferred: 100,000 shares
3) No. of shares to be held after transfer: 0 shares
(Controlling share 0%)

5. Schedule for transfer

January 13, 2009 Concluded basic agreement
April 1, 2009 (scheduled) Transfer stock shares

6. Impact on consolidated business results

The stock transfer is expected to have a minimal impact on the consolidated business results of JSR.