FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of March 2002
COMMISSION FILE NUMBER: 1-7239
KOMATSU LTD.
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Translation of registrant's name into English
3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan
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Address of principal executive offices
INFORMATION TO BE INCLUDED IN REPORT
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1. One company announcement made on March 19, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
KOMATSU LTD.
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(Registrant)
Date: March 19, 2002 By: /s/ Kenji Kinoshita
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Kenji Kinoshita
Executive Officer
KOMATSU
For Immediate Release
2-3-6 Akasaka, Minato-ku,
Tokyo 107-8414, Japan
Public Relations Section
Tel: (+81) 3-5561-2616
No. 0078(1755)
Date: March 19, 2002
URL: http://www.komatsu.com/
Joint Venture for solar grade polycrystalline silicon
Advanced Silicon Materials LLC (ASiMI), a United States subsidiary of Komatsu
Ltd. and a manufacturer of polycrystalline silicon, and Renewable Energy
Corporation (REC) of Norway have recently signed a letter of intent to establish
a joint-venture company. Under the proposed arrangement, ASiMI will convert its
Moses Lake Plant into a plant dedicated to produce polycrystalline silicon for
solar applications. After finalizing specific conditions, two companies plan to
conclude a definitive agreement around the summer of this year.
For the establishment of the joint venture, ASiMI's major contribution will be
the transfer of the Moses Lake Plant consisting of its silane gas plant and
related facilities, while REC's major contribution will be to provide financing
for granular polycrystalline silicon technology development and working capital.
The joint venture will start with 50:50 equity participation. The establishment
of the joint venture is subject to the achievement of cost reductions, the
negotiation of definitive agreements, and various other conditions, including
obtaining any applicable regulatory approvals.
In light of belated recovery in demand for polycrystalline silicon for use in
semiconductors against the backdrop of depressed market conditions for
semiconductors worldwide, ASiMI has discontinued production at the Moses Lake
Plant. As a result, an impairment loss will be recorded at the end of the
current fiscal year. ASiMI has studied the possibility of converting the
Moses Lake Plant into a plant dedicated to produce polycrystalline silicon for
solar applications. REC, on the other hand, has for a long time worked to
develop a stable supply network of polycrystalline silicon for solar
applications, whose demand has demonstrated outstanding growth for the last few
years with a bright prospect for future growth.
Mr. Reidar Langmo, President of REC, explained, "The joint venture should become
a major milestone to reduce future shortage of silicon for the solar industry.
It will also offer an opportunity for the solar industry to grow with minimal
impacts of semiconductor market conditions and lead to stabilization of silicon
raw material prices."
Mr. Michael W. Kerschen, President of ASiMI, commented, "The new company should
be able to reopen the Moses Lake Plant, and that is very important for the local
community."
Outline of Renewable Energy Corporation AS
Head Office: Oslo, Norway
Line of Business: REC is a Norwegian based holding company active in the entire
value chain of solar energy. REC is the main shareholder in ScanWafer ASA, one
of the major independent producers of silicon wafers for the photovoltaic
industry.
Outline of Advanced Silicon Materials LLC
Head Office: Moses Lake, WA, U.S.A.
Line of Business: ASiMI is a leading producer of ultra-high purity
polycrystalline silicon, and the world's largest manufacturer and supplier of
silane gas. Both products are integrated using a unique core technology to
create a base material for silicon wafers and devices produced in the
semiconductor industry.
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