Mitsui & Co., Ltd. has decided, and agreed with Celanese Corporation, a leading American chemical company, to acquire a 70% stake in its wholly owned subsidiary Nutrinova Netherlands B.V., which manufactures and sells functional food ingredients and concluded related agreements.
The purchase price for the shares is $472.5 million. Following the acquisition, Nutrinova will become Mitsui’s equity method affiliate. The share purchase will be executed within the fiscal year ending March 2024 after the fulfillment of condition precedents, including obtaining the necessary approvals.
Nutrinova manufactures and sells the high-intensity sweetener acesulfame potassium, which is used in food, beverages, and other products, as well as the preservatives sorbic acid and potassium sorbates. Acesulfame potassium is 200 times sweeter than sugar, and it can be used to produce foods with low calories and carbohydrate content. Sorbic acid and potassium sorbates help to reduce food losses by extending the shelf life of food and beverages. Nutrinova is a reliable supplier of high-quality products containing the above ingredients to a diverse range of customers, including global major food and beverage manufacturers.
Celanese is a global chemical manufacturer based in the United States. Mitsui has built a strong and trusting relationship with Celanese through the joint operation of a methanol business in the United States. Through the investment in Nutrinova, Mitsui will further strengthen its relationship with Celanese while working to contribute to the enhancement of Nutrinova’s corporate value. Mitsui also aims to expand the added value of its food and nutrition business cluster through collaboration between Nutrinova business and Mitsui’s existing business.
Mitsui has identified Wellness Ecosystem Creation as one of its key strategic initiatives in the Medium-term Management Plan 2026. In addition to healthcare and prevention, we will contribute to improvement in quality of life through the provision of healthy foods and nutrition. Through this share acquisition, Mitsui aims to support the realization of richer and brighter lives by enhancing health and well-being through the provision of healthy foods and nutrition.
The acquisition is reflected in the consolidated forecasts for the fiscal year ending March 2024 announced on May 2, 2023.