 Signing Ceremony |
On May 30, 2012, Toyo Engineering Corporation (TOYO, President and CEO Yutaka Yamada) and SOG - Óleo e Gás S.A. (SOG, CEO Mauricio Godoy), a leading engineering company in Brazil, held the memorandum signing ceremony of the shareholders agreement for the establishment of the new Brazilian joint company "TS Participações e Investimentos S.A." in witness whereof Mr. Edano, the Minister of METI, and Mr. Pimentel, Minister of Development, Industry and Foreign Trade of Brazil. |
During his visit, Minister Pimentel discussed the expansion of trade and investment between the two countries with Minister Edano, and the two governments agreed to be positively involved in supporting the establishment of a joint company by Japan and Brazil and improving the trade and investment environment in Brazil. The signing of this memorandum is the first case where a joint company is established after agreement between the two countries and where a Japanese engineering company establishes a joint company with a local capital in Brazil.
Under this new joint company established with TOYO and SOG holding 50% of shares, the fully held subsidiaries "TOYO-SETAL Engenharia Ltda." engaging in EPC (engineering, procurement, and construction) of onshore business, and "Estaleiros do Brasil Ltda." engaging in EPC of offshore business including FPSO are established and will start their business as a new company from June.
TOYO and SOG will contribute to the growth of the Brazilian economy through this joint company and exert efforts to expand business opportunities in the country. In the future, the company will develop business in other South American and West African countries.