Press Information

Mitsubishi Heavy Industries, Ltd. (MHI), AREVA, Mitsubishi Materials
Corporation (MMC) and Mitsubishi Corporation (MC) create a Joint
Venture of Full-fledged Nuclear Fuel Fabrication Business

Mitsubishi Heavy Industries, Ltd.
Mitsubishi Materials Corporation
Mitsubishi Corporation
AREVA
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Tokyo, February 18, 2009 - On February 17 Mitsubishi Heavy Industries, Ltd. (MHI), AREVA, Mitsubishi Materials Corporation (MMC) and Mitsubishi Corporation (MC) have signed the shareholders agreement to establish a joint company ("New Company") in the nuclear fuel fabrication business. The New Company will be a full-fledged nuclear fuel fabrication service supplier, integrating development, design, manufacturing and sales. The signing of the shareholders agreement is based on a four-party agreement signed last December. Going forward the four companies will endeavor towards the establishment of the New Company on April 1st this year.

The New Company is aimed at contributing to a stable supply of high quality nuclear fuel fabrication service in response to the increasing importance of nuclear power generation globally amid expanding efforts to prevent global warming.

The New Company will be established by restructuring the existing Mitsubishi Nuclear Fuel Co., Ltd. (MNF)* , which is located in Tokai-mura, Ibaraki Prefecture, as a full-fledged, comprehensive nuclear fuel fabrication company. It will supply Japanese customers with uranium fuel assemblies for pressurized water reactors (PWR), boiling water reactors (BWR) and high-temperature gas-cooled reactors, as well as uranium-plutonium mixed oxide (MOX) fuel assemblies. It will also provide related services, including uranium reconversion.

The New Company is also slated to newly enter into overseas markets as an independent supplier of MHI-designed fuel assemblies for PWRs.
  • * MNF's equity is currently owned by MMC (66%) and MHI (34%).

[Outline of the New Company]

- Company Name
: Mitsubishi Nuclear Fuel Co., Ltd (by restructuring the existing MNF)
- Address
: [Headquarters & Plant] Tokai-mura, Ibaraki
[Tokyo main office] Tokyo
- Capital
: 11.4 billion yen
- Ownership ratios
: MHI 35%, MMC 30%, AREVA 30%, MC 5%
- President
: Hiroshi Inoue (Currently Executive Officer, MHI)
- Employee number
: about 540 employees
- Date of establishment
: April 1st, 2009 (planned)
- Description of business
: development, design, manufacturing and sales of nuclear fuel fabrication service

MHI and AREVA also confirmed they are doing necessary preparation to jointly invest (MHI 50% and AREVA 50%) in a dedicated nuclear fuel fabrication facility to be built in the United States.