Jul. 31. 2006
VTEC Technologies LLC、Marubeni Corporation、Marubeni America Corporation、Marubeni Specialty Chemicals Inc.
Marubeni America Corporation ("MAC") and VTEC Technologies LLC ("VTEC") are to make a formal announcement that MAC as strategic partner acquired an estimated 15% equity position in VTEC, the innovative plastics technology company, for its patented plastic automotive rear view mirror products, ubiquitous polymeric coatings and glazing products and other related patented technologies, in June, 2006.
VTEC is headquartered in Southfield MI with central operations in Coventry UK, and offices in Bergerac, France and Cambridge MA. VTEC is a privately held global technology company and Tier II supplier of patented plastic automotive rear view mirror subassembly components to the automotive industry with manufacturing plants located in China and India. VTEC plans to manufacture over 5 million plastic automotive rear view mirrors in 2007 replacing the conventional glass rear view mirror on vehicle.
MAC, the largest overseas subsidiary of Marubeni Corporation of Japan, is headquartered in New York City, with 7 other U.S. locations and 22 subsidiary and affiliated companies and access a network of over 130 Marubeni Group offices and 555 associated companies worldwide.
Marubeni Specialty Chemicals Inc. ("MSCI"), in White Plains, NY, of Marubeni America's Chemicals unit, also contracted with VTEC to be an exclusive distributor of its plastic automotive rear view mirrors to Japanese automotive companies in North America, Europe and Asia, MSCI is familiar with plastics business for automotive industry in worldwide and Marubeni Plax Corporation, in Tokyo Japan, of Marubeni Corporation's Chemicals Division also plays a role of distribution of VTEC products to Japanese automotive companies in Japan.
"VTEC management made a commitment to the global adoption of its plastic automotive rear view mirror to replace glass mirrors on vehicles and its plastic glazing products to replace glass windows on vehicles and other applications in a value proposition that provides significant saving and economics for weight, vibration, fuel, safety, design advantage and much more. We decided that Marubeni would be a core part of that commitment," VTEC president & CEO Jeanne Housman said in an interview.
VTEC Technologies LLC
Henri van Tienen
Director of Global Business Development
Europe: +(31) 646766781
USA: +(1) 248 353 1546
UK: +(44) 2476 682 001
Marubeni America Corporation
Manager of Development Department, Chemicals Unit
New York: +(1) 212 450 0533