Calgon Carbon and Mitsubishi Complete Joint Venture
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PITTSBURGH, Sept. 11 - Calgon carbon Corporation announced that Mitsubishi Chemical Corporation of Tokyo, Japan and Calgon Carbon have signed the final agreements to form a joint venture partnership that will produce and sell activated carbon and related services throughout Japan. The new alliance company, Calgon Mitsubishi Chemical Corporation, will begin operation in October 2002.
Mitsubishi Chemical will own 51% of the joint venture, while Calgon Carbon will own 49%. As the minority owner, Calgon Carbon will report results under the equity method of accounting. While this will reduce total consolidated sales for Calgon Carbon by about $7 million annually, it will have a positive effect on its net income. On an earnings per share basis, it is expected that the joint venture will contribute about $0.04 to Calgon Carbon's EPS in 2003.
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