Du Pont Announces Asian Venture with Mitsui
TOKYO (AP) _ Du Pont Japan Ltd. and Mitsui and Co. said Thursday they had tentatively agreed on a joint venture to develop business in the Asia-Pacific region, using Du Pont’s technology and Mitsui’s marketing resources.
″The joint venture is not intended to be an exclusive relationship,″ the companies said in a statement. ″The two companies will each continue business developments with third parties as they have in the past.″
Mitsui is one of Japan’s leading trading companies. Du Pont Japan is a unit of the Du Pont Co., a major provider of energy and chemical products in the United States.
They said they want to expand current business as well as develop new opportunities ″by systematically utilizing du Pont’s technologies and product development expertise and Mitsui’s marketing and information resources.″
Japanese traders have established a major presence in the Asian market, where growth has remained stronger than in most major industrial countries.
″Non-Japanese companies are trying to find new markets in Asia, but don’t have enough penetration,″ said Naoko Enomoto, an analyst at Credit Lyonnais Securities (Japan) Inc.
She added that the Du Pont-Mitsui venture might help ease some of the pressure that the United States is putting on Japan to open wider to foreign business. Such pressure has increased because of Japan’s swelling trade surpluses.