Mitsubishi Corporation completes acquisition of strategic shareholding in ELG Carbon Fibre Ltd

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8th April 2019

Mitsubishi Corporation completes acquisition of strategic shareholding in ELG Carbon Fibre Ltd

8thApril 2019, Coseley, UK-The previously announced acquisition of 25% of shares in ELG Carbon Fibre (ECF) by Mitsubishi Corporation (MC) has been completed. This arrangement is effective from 5thApril.

Under the agreement, MC will use its existing resources to promote the sales and marketing of ECF recycled carbon fibre products and accelerate the global expansion of ECF’s recycling operations. By uniting ELG Haniel’s advanced technology and proficiency in the metals reprocessing industry, ECF’s know-how regarding carbon fibre recycling and MC’s global network and broad interface with different industries, the companies can now enhance their global business development and reliable supply of reprocessed carbon fibre.

ECF is the first company in the world to have established stable commercial production of reclaimed carbon fibre, supplying to markets such as the automotive, electronics and wind energy markets.

Frazer Barnes, ECF’s Managing Director, comments “This transaction demonstrates our commitment to driving shareholder value and developing the business on a global scale. With the strong support of MC, we have already actioned our integration plans to achieve profitable and sustainable growth targets and are confident in our ability to achieve these goals. This agreement provides valuable resources to support ECF’s continued expansion and strengthens our position within the Asian and North America markets”.

The shareholders of ECF will become ELG Carbon Fibre International GmbH (ECFI), a 100% owned subsidiary of ELG Haniel GmbH in Germany and MC.

-Ends-

ELG Press Enquiries

Kate Davison – Marketing and Communications Manager

E: kate@hybridpr.co.uk

T: +44 (0) 7950 643004

Mitsubishi Corporation

Headquarters:3-1 Marunouchi 2-Chome, Chiyoda-ku, Tokyo, Japan

Established: 1954

Main Business: MC is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.

Representative: Takehiko Kakiuchi, President and CEO

ELG Haniel GmbH

Headquarters: Duisburg, Germany

Established: 1962

Main Business: Reprocessing of high performance metals such as stainless steel, titanium and super alloys.

Representative: Detlef Drafz, CEO

ELG Carbon Fibre International GmbH

Headquarters: Duisburg, Germany

Established: 2011

Main Business: Reprocessing of carbon fibre (Holding company of ECF).

Representative: Detlef Drafz, CEO

ELG Carbon Fibre Ltd.

Headquarters: Coseley, UK (near Birmingham)

Established: 2011

Main Business: Reprocessing of carbon fibre.

Representative: Frazer Barnes, Managing Director and CEO

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