Mitsui to Acquire Locomotive Leasing Company and Purchase 50 Locomotives from Siemens AG, Germany.Tokyo, Japan, Sept 21, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Mitsui & Co., Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :8031) announced today that it had reached a basic agreement with Siemens AG Siemens AG German electrical-equipment manufacturer. The first Siemens company, Siemens & Halske, was founded in Berlin in 1847 to build telegraph installations. ("Siemens") of Germany on the acquisition of a locomotive locomotive, vehicle used to pull a train of unpowered railroad cars. Types of Locomotives The steam-powered locomotive played a key role during the development and golden age of railroading, but, despite its long and picturesque history, it has leasing company, Siemens Dispolok GmbH ("Dispolok", currently a 100% subsidiary of Siemens). In addition to this acquisition, Mitsui ordered 50 electric locomotives manufactured by Siemens for approximately 25 billion yen, which will be delivered within next 3 years. The transactions are scheduled to take place in October 2006, subject to regulatory approvals by the German authorities. Mitsui has been expanding its locomotive leasing business mainly in West European countries such as Germany, the Netherlands, Belgium and France, with 50 locomotives owned and operated through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Mitsui Rail Capital Europe B.V. ("MRCE MRCE Mueser Rutledge Consulting Engineers (New York City foundation engineering firm) MRCE Museum Resource Center "), which was established in October 2004. Dispolok, meanwhile, currently leases out approximately 100 locomotives in Germany, Austria, Italy and Central and East European countries. Following the acquisition of Dispolok, the combined locomotive fleet leased by Mitsui through MRCE and Dispolok will increase to 150 units, creating an operating base which covers the whole European continent. The 50 locomotives to be purchased are multi-system units, equipped with various power and safety systems that will allow Mitsui to efficiently handle the increasing demand of cross-border operations along with enlargement of the European Union This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. and liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . of the railroad industry. Mitsui entered the advanced freight car leasing market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in 1996, building on the operational and managerial expertise gained from more than a decade of freight car leasing and maintenance operations. Leveraging this experience, in 2004 Mitsui entered the European locomotive leasing market as the first Japanese company. Through further expansion of its asset base both at MRCE and Dispolok and through ongoing measures to reinforce its maintenance and train operation management services, Mitsui aims to lead the market. The importance of rail transportation is increasing over the world due to its energy efficiency and less environmental load as well as its mass transportation capacity of goods. The EU, in particular, has been taking strong initiatives to enhance freight transportation capacity by rail through liberalization of the railroad industry. On top of the rolling stock rolling stock Any of various readily movable transportation equipment such as automobiles, locomotives, railroad cars, and trucks. Rolling stock generally makes good collateral for loans because the equipment is standardized and easily transportable among leasing business, Mitsui intends to diversify its activities into logistics and freight transportation services using the railway network within Europe. About Siemens Dispolok GmbH
Head Office: Munich,the Federal Republic of Germany
Establishment: 2001
Business: Siemens locomotive leasing and maintenance management in
Europe
Capital: 2 million Euro
Shareholder: Siemens Beteiligungen Inland GmbH 100%
(Siemens Aktiengesellschaft("SAG") 100%)
Employees: 29
Locomotives: 107 (as of September 2006) (all manufactured between
2001 - 2006)
Major customers: National Railways(Austria, Slovenia, Croatia),
TX-Logistics(Germany), Rail4Chem(Germany),
Wiener Lokalbahn(Austria), Ferrovia Nord Milano (Italy)
Sales: 44 million Euro(estimate for the year ending September
2006)
About Mitsui and Co., Ltd. Mitsui and Co., Ltd. (TSE:8031; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MITSY) is one of the largest trading houses in the world and is active in a wide range of trading activities, along with the development of energy sources and other natural resources for various industries. These include export, import, domestic and offshore transactions in such industrial materials as steel, non-ferrous metals and chemicals as well as in machinery, electronic and industrial products and lifestyle-related products, including foodstuffs foodstuffs npl → comestibles mpl foodstuffs npl → denrées fpl alimentaires foodstuffs food npl → , textiles and general merchandise. Mitsui is also involved in various businesses related to the aforementioned activities, as well as telecommunications and IT, service businesses and regional development. For more information, please visit www.mitsui.co.jp. Source: Mitsui and Co., Ltd. Contact: Mitsui & Co., Ltd. Corporate Communications Division Telephone: +81-3-3285-7548 Facsimile: +81-3-3285-9819 Mitsui & Co., Ltd. Investor Relations Division Telephone: +81-3-3285-7910 Facsimile: +81-3-3285-9819 E-Mail : infoTKADZ@mitsui.com Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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