Ebara, Chiyoda, TEC and Mitsui establish a New JV Company for International Environmental Engineering BusinessFeb. 13, 2001

Tokyo, Japan - Ebara Corporation, Chiyoda Corporation, Toyo Engineering Corporation (TEC) and Mitsui & Co., Ltd. announced today that the four companies have reached an agreement to establish a new Joint Venture company in expanding their engineering business in the environmental field, with special focus on the international market.

This new company aims to make a great contribution to the global environmental issues by combining each company's advanced technology, marketing capability, project management expertise, etc. and strengthening international environmental business for its engineering and project execution.

The new Company name is the "Environmental Engineering Corporation", which is to be established on April 2, 2001.

Environmental Engineering Corporation will provide a wide range of international environment-related services including consultation, project management, engineering, procurement, construction, maintenance and operation for the projects in the international market related to water treatment, waste disposal, air pollution control, renewable energy and recycle facility.

Ebara, Chiyoda, TEC and Mitsui will collaborate with each other for the new Company by means of providing proprietary technologies, marketing collaboration, expertise in project control and management etc.

The following will be appointed as the directors of the Company;

I. Toyooka (Ebara), President
K. Terashima (Ebara), Executive Vice President
T. Hirobe (Chiyoda)
H. Imamura (TEC)
Y. Matsumoto (Ebara)
Y. Motozawa (Ebara)
Y. Fukunaga (Mitsui)
( ) shows the company of origin.

Paid-up Capital : Yen 1,000 million.
Percentage of Shares : Ebara 65%, Chiyoda 15%, TEC 15%, Mitsui 5%
Number of Employees : Approx. 120
Sales and Profit Projection (in million yen):
Fiscal Year
2001
2002
2003
2004
2005
New Orders
30,000
43,000
44,000
45,000
45,000
Sales Turnover
12,000
35,000
42,000
44,000
45,000
Operating Income
-570
280
480
900
1,260

The Company intends to gain the world-class reputation by offering the full-fledged engineering and construction services in the international environmental engineering business market, and will surely make a great contribution to the global environmental problem solution.

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