Mitsubishi Paper Mills sets up European subsidiary

Mitsubishi Paper Mills Ltd, based in Tokyo, Japan (MPM), has established a European subsidiary company, Mitsubishi Paper Holding (Europe) GmbH (MPH), located in Dsseldorf, Germany.
The wholly owned MPM subsidiary has a start-up capital of €1 million. As main shareholder of Mitsubishi HiTec Paper Bielefeld GmbH and Mitsubishi HiTec Paper Flensburg GmbH, the holding company is in charge of harmonising European business strategy with MPM's worldwide corporate strategy. Next to co-ordinating the two German operations, the holding company's main focus lies in maximising the efficiency of its organisational units and on exploiting synergies in the areas of purchasing, R&D, Logistics, Finance and Marketing & Sales.
Mitsubishi Paper Mills Ltd manufactures pulp, hi-tec paper products and photo-sensitive materials, with a fully integrated production system at six sites and four research centres. In 1999, Mitsubishi Paper Mills Ltd. took a majority holding in Mitsubishi HiTec Paper Bielefeld GmbH and Mitsubishi HiTec Paper Flensburg GmbH, which produce Jetscript inkjet paper, Thermoscript thermal paper, Giroform carbonless paper and Supercote label paper for worldwide distribution.