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Mitsui Mining & Smelting Co., Ltd. (TYO: 5706), a global leader in engineered materials and copper foil for printed circuit applications, announced that it has entered into a definitive agreement to sell the Company's copper foil manufacturing division, known as Oak Mitsui, Inc. (OMI), with locations in Camden, South Carolina and Hoosick Falls, New York, to Nippon Denkai, Ltd., a leader in copper foil manufacturing for lithium ion batteries.
OMI will be transferred in whole to Nippon Denkai, Ltd. pending regulatory approval, with an expected completion in Q1 2020. OMI is the only electrodeposited copper foil manufacturing facility in North America and services electronics, energy, and industrial markets. OMI has 77 employees. The companies are committed to a smooth transition for its employees and customers.
"The sale of OMI is a key step in optimizing Mitsui Mining and Smelting’s overall product and manufacturing portfolio," said Masayuki Misawa, Executive Officer and Senior General Manager of the Copper Foil Division at Mitsui Mining & Smelting. "This transaction allows the North American business to unlock its potential and better serve its customers under Nippon Denkai’s ownership. We are grateful for the many years of partnership with the teams in both Camden, SC and Hoosick Falls, NY and wish them a successful future.”
“The OMI team will be a welcome addition to Nippon Denkai," said Hidemasa Nakajima, President and CEO of Nippon Denkai, Ltd. "They have built a solid foundation of business in North America that we intend to build upon. The acquisition of OMI provides a path for us to diversify into alternative market segments and add presence into strategic geographical locations.”