ITOCHU Forms a Capital and Business Alliance with EconCore N.V.

Expanding Scope of Exclusive License Agreement on Technologies for Continuous Production of Honeycomb Core Materials

June 4, 2009

ITOCHU Corporation has concluded an agreement for expanding the scope of application of the technologies for continuous production of honeycomb core materials under the existing exclusive license agreement covering the Asia/Pacific Region and the Middle East from the current two fields of logistics and packaging to all industrial fields including automobiles, aerospace, and construction with EconCore N.V. of Belgium (“EconCore”).

The technologies for continuous production of honeycomb core materials which EconCore successfully developed for the first time in the world are expected to dramatically expand the use of honeycomb core materials, which has been practically limited to aerospace and a few other industrial fields.

ITOCHU, recognizing the customers' needs for the continuous honeycomb core materials in a wide spectrum of industrial fields including automobiles, aerospace, and construction through its development activities of these technologies in the logistic and packaging market, has determined to expand the scope of application to all industrial fields.

In addition, in September, 2009 after concluding the first exclusive license agreement for logistics and packaging, ITOCHU took an equity stake in EconHP Holding GmbH of Germany (“EconHP”), the parent company holding a majority of EconCore's issued and outstanding shares. The ratio of ITOCHU's capital contribution to EconHP stands at 15%, which places ITOCHU as the second largest shareholder after the founder of EconHP.

Through the capital alliance and with the new agreement, ITOCHU and EconCore will further collaborate to expand the business on the continuous honeycomb core production exploiting its new market.

Under its medium-term management plan “Frontiere 2010 - Enhancing Corporate Value on the World Stage, Shaping the Future,” ITOCHU is focusing its energy on enhancing the L-I-N-E-s* further, and is actively making strategic moves to generate future earnings from these fields.

EconCore N.V.

Head office locationAmbachtenlaan 17, B-3001 Leuven, Belgium
EstablishedDecember 2005
RepresentativeMr. Jochen Pflug

Corporate Overview of EconHP Holding GmbH

Head office locationWeinbergweg 23, D-06120 Halle (Saale), Germany
EstablishedNovember 2005
RepresentativeMr. Jochen Pflug