UEX, SPEMET to Launch Titanium Sales Force in Taiwan

Tokyo based major stainless dealer, UEX Ltd. announced on Friday the firm agreed with SPEMET Co., which is titanium processor of Taiwan, to establish joint venture in Taiwan in February to market rolled titanium products. UEX and SPEMET form joint venture, SPEX Corporation with 1,000 New Taiwan Dollar of capital in Taipei. Subsidiary of SPEX controls 60% of the firm with 40% share by UEX. SPEX imports titanium plate, sheet and bar from Japan to supply Taiwanese users. SPEX imports materials mainly from Nippon Steel at the beginning of the operation. SPEX starts the operation in March and targets 300 million yen of annual sales and 50-60 tonnes of titanium sales in 3 years. The firm will make money in 2009 and clears cumulative loss by 2012.