Calgon Carbon Increases Ownership of Japanese Joint Venture

Calgon Carbon Corporation (NYSE: CCC) announced today that it has increased its ownership in Calgon Mitsubishi Chemical Corporation (CMCC) from 49% to 80%. The transaction was accomplished through a redemption, with CMCC purchasing shares from Mitsubishi Chemical Corporation (MCC). CMCC, a joint venture between Calgon Carbon and MCC, recorded sales of ¥6.7 billion ($77.7 million) in 2009. As a result of the transaction, CMCC’s name has been changed to Calgon Carbon Japan KK (CCJ).

The purchase price for the shares was approximately ¥723 million ($8 million). The price for the remaining 20% of the shares, which Calgon Carbon is scheduled to acquire on March 31, 2011, is subject to adjustment but is estimated to be approximately ¥228 million ($2.5 million).

As part of the transaction, CCJ has entered into credit agreements with The Bank of Tokyo-Mitsubishi UFJ, Ltd. and MCFA Inc. The Bank of Tokyo-Mitsubishi UFJ, Ltd. facility includes a term loan in the amount of ¥722 million ($8 million) and a working capital loan of up to ¥1.5 billion ($16.5 million). The MCFA facility consists of a working capital loan of up to ¥2 billion ($22 million).

Commenting on the announcement, Leroy M. Ball, Calgon Carbon’s chief financial officer, who will serve as CCJ’s interim president said, "Increasing our ownership of the joint venture more than doubles the sales revenue in our Asian region. It also adds an experienced workforce and infrastructure in Japan which we hope to leverage throughout the rest of Asia to help execute our growth strategies in that region.”

Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner.

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