Tomen Spins Off its Power & Utility Projects Business to Create Clean and Renewable Energy Company
2001-09-28
Tomen Corporation announced today that on November 1, 2001, it will spin off part of its Power & Utility Projects Division, which operates its clean energy power generation business including its worldwide wind power projects. At the same time, Tomen plans to establish a new wholly owned subsidiary, Tomen Power Holdings Corporation (TPHC), with 300 million yen capital and 40 employees from Tomen, and transfer the business and assets to the new company.
The new company, Tomen Power Holdings Corporation (TPHC), will become a holding company of its three major subsidiaries, Tomen Power Japan Corp., Tomen Power Corp. in the United States and Tomen Power (Europe) B.V. These subsidiaries controltheir power generation project companies in each region.
The management of the new company is Mr. Toshio Hori, Chairman of the Board (General Manager of Tomen's Power & Utility Projects Div.) and Mr. Yoshimasa Kondo, President (Deputy General Manager of Tomen's Power & Utility Projects Div.).
The new company will oversee worldwide developments of Tomen's power generation business using clean and renewable energy, including wind power generation. It will also manage Tomen's supply of power generation, its trading and sales, green power certificates and global emission trading businesses.
Mr. Morihiko Tashiro, president of Tomen, said "Tomen's decision to create the new company by integrating its worldwide subsidiaries aims to enhance the competitiveness of our environment-friendly power generation business in the industry. " He continued, "we would invite the participation of strategic partners to join our efforts in the near future. The move will increase our corporate value with a view toward its future public offering."
Tomen has become the world's largest wind power developer other than electric power companies, and has expertise in all stages of the business, from the planning and construction to facility operation. It operates more than 20 stations in Europe, the United States and Japan with a combined output capacity of 1,400 megawatts, including projects under development. The global interest in promoting a safe environment and the deregulation of power industry boosts world demand for clean and renewable energy.
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