Mitsui Mining & Smelting increases investment in Taiwan

Taipei, Dec. 12, 2003 (CENS)--Mitsui Mining & Smelting Co., Ltd., Japan's largest manufacturer of automated bonding tape, recently announced it will invest NT$300 million (US$8.82 million at US$1:NT$34) more to expand the production capacity of its Taiwan subsidiary--Mitsui Electronic Materials Taiwan Co., Ltd. In the Taichung Harbor area.

Mitsui Electronic Materials Taiwan now mainly produces sputtering targets, an electronic material.

The announcement was issued by Mitsui Mining & Smelting president Hirossi Makihara when he presided over a ribbon-cutting ceremony to inaugurate a new plant of the company's another local subsidiary--Mitsui Micro Circuits Taiwan Co., which is located near Mitsui Electronic Materials Taiwan.

Makihara said he is very optimistic about the outlook for Taiwan's liquid crystal display (LCD) industry.

The Chungkang branch of the Export Processing Zone Administration under the Ministry of Economic Affairs will soon issue a construction license for Mitsui Micro Circuits to build the proposed new plant, which will break ground by the end of this year and start mass production in the first quarter of next year. The new plant is expected to turn out over NT$3 billion (US$88.23 million) worth of products next year.

Mitsui Mining & Smelting has invested more than NT$1 billion (US$29.41 million) in Taichung Harbor area over the past several years. The company said Mitsui Micro Circuits' plant is designed to have an annual production capacity of 244 million TAB tapes worth NT$3.068 billion (US$90.23 million), making it Taiwan's largest producer of TAB tapes.

The Japanese company said its investments in Taiwan concentrate on sputtering targets and TAB tapes. A global pioneer in the TAB tape arena, the company has been dedicated to upgrading production quality, cutting production costs, shortening delivery time and offering better after-sale services.

The two local affiliates of the Japanese firm is expected to record total production value of over NT$6 billion (US$176.47 million) in 2004.