News Release

FY2017

March 29, 2018

Sale of part of High Performance Materials business

   JXTG Nippon Oil & Energy Corporation ("JXTG Energy") (President: Tsutomu Sugimori) has decided to sell all of its shareholding in JXTG group companies, Irvine Scientific Sales Company, Inc. ("Irvine Scientific") and IS Japan Co., Ltd. ("IS Japan") (collectively "Irvine Scientific Group") to FUJIFILM Corporation ("Fujifilm") (President: Kenji Sukeno) for approximately US$800mm.

1. Objectives of business sale

   JXTG Energy acquired Irvine Scientific in 1987, anticipating capturing expansion of the cell culture material market accompanied by the future growth in the biopharmaceutical industry, and established IS Japan in 1989 as a distributor of Irvine Scientific products in Japan. Currently, both companies have certain presence within the industry and have expanded to contribute stable profit to JXTG Energy.

   As described in the JXTG Group mid-term Management plan, JXTG Energy is engaging in "strengthening competitiveness of the core business, the petroleum refining & marketing and petrochemical products business" and "developing and expanding businesses that will be mainstays of the future" and reviewing its business portfolio to enhance profitability and competitiveness. As such, while the cell culture material business is expected to continue to grow, it is not synergistic for JXTG Energy's business and difficult to invest continuously.

   Hence, JXTG Energy has concluded that it would be best to sell to Fujifilm that is synergistic and highly values Irvine Scientific Group.

2. Overview of Irvine Scientific Group companies

(1) Irvine Scientific

Company name Irvine Scientific Sales Company, Inc.
Representative Koki Tsukuda
Establishment 1970
Capital structure JX Holdings (U.S.A) Inc.* 100%
  • fully owned subsidiary of JXTG HD
Headquarters 1830 E. Warner Avenue, Santa Ana, CA, USA
Key subsidiaries BioCare Europe S.r.l.,
Irvine Scientific Consulting (Shanghai) Co.,Ltd.
Business description R&D, manufacturing, sales and support of the cell culture material and IVF reagents, etc. mainly in Europe and the US

(2) IS Japan

Company name IS Japan Co., Ltd.
Representative Yuichi Nagano
Establishment 1989
Capital structure JXTG Energy 100%
Headquarters 3-17-35, Niizo-Minami, Toda City, Saitama
Business description Manufacturing, sales and support of the cell culture material and IVF reagents, etc. mainly in Japan and Korea

3. Overview of Fujifilm

Company name FUJIFILM Corporation
Establishment 2006
  • FUJIFILM Corporation was newly established and took over businesses of Fuji Photo Film Co. Ltd.
Capital JPY40bn
Headquarters [ Tokyo Midtown Head Office ]
7-3, Akasaka 9-chome, Minato-ku, Tokyo
[ Nishiazabu Head Office ]
26-30, Nishiazabu 2-chome, Minato-ku, Tokyo
Business description Development, production, sales, and service of: Imaging Solutions (color films, digital cameras, optical devices, color paper, services and equipment for photofinishing, instant photo systems, etc.) and Information Solutions (equipment and materials for medical system, life sciences products, pharmaceuticals, equipment and materials for graphic arts, flat panel display materials, recording media and electronic materials, etc.)

   Through the portfolio optimization with the sale of the cell culture material business, JXTG Energy aims to focus its management resources on the core petroleum refining & marketing and petrochemical products business as well as other businesses that will be mainstays of the future, and to enhance profitability and competitiveness.

Esso and Mobil are trademarks of Exxon Mobil Corporation, used under license.