Press Release

Mitsubishi Chemical and Pioneer Concluded Business and Capital Alliance Agreement on Organic Light Emitting Diode (OLED) Lighting

Mitsubishi Chemical Corporation (Head Office: Minato-ku, Tokyo; President: Yoshimitsu Kobayashi; hereinafter Mitsubishi Chemical) and Pioneer Corporation (Head Office: Kawasaki-shi, Kanagawa; President: Susumu Kotani; hereinafter 'Pioneer') have entered into an alliance on their OLED lighting business as well as capital alliance strengthening their company relations.

Mitsubishi Chemical has decided to enter the OLED lighting business, and is aiming to begin full-scale mass production and launch of illumination appliances in 2011. Target sales for the OLED lighting business are 30 billion Japanese yen for 2015, and 100 billion Japanese yen for 2020.

With this business move, Mitsubishi Chemical will use OLED lighting panels supplied by Pioneer. It is also looking into performing joint research on printable OLED lighting development, as well as their commercialization.

Also, in order to strengthen the strategic partnership between the two companies, Pioneer will issue Mitsubishi Chemical about 600 million Japanese yen in new stock through third-party allotment.

Both companies are currently performing joint research on OLED lighting panels that use printable hole injecting material (HIM) and new emitting materials . In line with its goal to start early stage mass production and marketing of new printable emitting materials, Mitsubishi Chemical is moving on with research and development, as well as looking into the commercialization of printable OLED lighting.