News

Mitsubishi Materials Corporation ("MMC") Group and Masan High-Tech Materials Corporation ("MHT") announce today that they have reached an agreement whereby MMC Group is expected to acquire all shares of H.C. Starck Holding GmbH ("H. C. Starck"), a wholly owned subsidiary of MHT, which is engaged in the tungsten business (the "Acquisition"). MMC Group is also expected to enter into a long-term, win-win APT and tungsten oxide offtake agreement with MHT Group.

H.C. Starck is one of the world's leading manufacturers with a history of more than 100 years and is producing and selling high-quality powders made mainly of tungsten, tungsten carbide and its alloys in Europe, North America and China, and also has a sales network in Japan with a prominent presence in each region. In addition, H.C. Starck owns among the world's largest tungsten recycling capabilities.

In the Medium-term Management Strategy FY2031, MMC Group sets a goal of becoming "a leading company in tungsten products recognized by customers globally" as one of our business strategies. Regarding cemented carbide cutting tools, which are mainly made of tungsten, we are promoting initiatives to collect used cemented carbide cutting tools and to secure recycling capacities on a global basis.

As a result of the Acquisition, MMC Group will have bases of the tungsten business in four major markets: Japan, Europe, North America and China. Japan New Metals Co., Ltd. (a wholly owned subsidiary of MMC) and H.C. Starck will work together to create synergies and increase corporate value by strengthening R&D capabilities and promoting cross-selling, as well as to develop a global tungsten recycling business by leveraging the recycling technologies and capabilities of the two companies.

MMC Group established "For people, society and the earth, circulating resources for a sustainable future" as Our Commitment. We will strive to fulfill Our Commitment through the expansion of resource recycling-related business including the tungsten recycling business. We will continue to partnership with MHT as a strategic partner and explore ways to expand together in Tungsten business.

Overview of H.C. Starck (as of December 31, 2023)

Overview of MHT (as of December 31, 2023)

Date of the Acquisition

May 14, 2024 (today)

Agreement for the Acquisition of Shares of H.C. Starck

May 29, 2024 (planned)

Signing of Final Contract

The closing of the Transaction is expected by the end of March 2025 and is subject to customary corporate and regulatory approvals.