Oak Mitsui, with facility in Hoosick Falls, to be sold
HOOSICK FALLS, N.Y. — A Japanese metals supplier has announced it will sell a division of its company partly located in the Hoosick Falls.
Mitsui Mining & Smelting Co. will transfer Oak Mitsui — the firm's copper foil manufacturing division, located in the village and in a city in South Carolina — to Nippon Denkai, another Japanese firm, sometime in the first quarter of this year, pending regulatory approval, according to a recent news release.
Operations at two facilities in the village, located at 80 First St. and 1 Mechanic St., ceased during the previous decade. Four administrative employees continue to work out of rented office space in downtown Hoosick Falls, said technical director Michael Cole.
The division's manufacturing facility is located in Camden, South Carolina, where its dozens of other employees are based.
All of the employees will be retained as part of the deal, Cole said.
"The sale of [Oak Mitsui] is a key step in optimizing Mitsui Mining and Smelting's overall product and manufacturing portfolio," Masayuki Misawa, executive officer and senior general manager of the division at the company, said in the release. "This transaction allows the North American business to unlock its potential and better serve its customers under Nippon Denkai's ownership."
The Oak Misui team has "built a solid foundation of business in North America that we intend to build on," Hidemasa Nakajima, president and CEO of Nippon Denkai, which manufactures copper foil for lithium ion batteries. "The acquisition ... provides a path for us to diversify into alternative market segments and add presence into strategic geographical locations."
Contact Luke Nathan at firstname.lastname@example.org.
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