Despite the negative impact of falling copper and other metal prices, Mitsubishi Materials Corp (MMC) benefited from both continuing growth in the global and domestic economies and the depreciation of the Japanese Yen. MMC reported a 7.8% rise in consolidated group sales to Yen 1,132 billion ($9.547 billion) in the nine months to December 31, 2014 with operating profit increasing to Yen 52,665 million ($444.1 million), an increase of 3.2% compared with the same period in 2013.
MMC’s Advanced Materials & Tools division (AM&T), which includes cemented carbide (hardmetal) tools, structural PM parts and bearings, high performance alloy products and superalloys, again saw sales decline in the 3rd quarter (-8.7%) to Yen 100.7 billion ($849.2 million) over the nine month period. However, AM&T saw an increase of 8.3% in consolidated net sales for its cemented carbide products.
In September 2014 MMC acquired a 51% shareholding in Hitachi Tool Engineering, Hitachi Metals Ltd’s cemented carbide business. This new business will be known as Mitsubishi Hitachi Tool Engineering Ltd with effect from April 1, 2015.