ExxonMobil to Restructure Holdings in Japan
ExxonMobil reportedly anticipates the restructuring will be seamless for ExxonMobil Japan Group customers, dealers and business partners, and expects existing agreements to remain unchanged. Current management will remain in place until closing, which will occur in mid-2012.
At closing, ExxonMobil will remain TonenGeneral Sekiyu’s largest shareholder and anticipates continued participation on its board of directors, subject to shareholder approval of its nominees. TonenGeneral Sekiyu will have exclusive, long-term use of ExxonMobil’s existing brands for the sale of ExxonMobil products in Japan. ExxonMobil will provide ongoing technology support, including technical assistance from ExxonMobil Research and Engineering. ExxonMobil will also provide international crude, feedstock and fuels supply services, including international marine coverage services.
For more information, visit www.exxonmobil.com.