28th November, 2018
FOR IMMEDIATE RELEASE:

Integral Announces Investment in Toyo Engineering Corporation
Integral Corporation (”Integral”) is pleased to announce that Integral Team Limited Partnershipand Innovation Alpha Team L.P., investment funds advised by Integral, have reached an agreementwith Toyo Engineering Corporation (”TOYO”; TSE 6330) on the third-party allotment of newlyissued-preferred stock of TOYO for the amount of 15 billion Japanese yen (the “Transaction”).
TOYO has a robust track record in industrial plant construction across many countries and regionsin the world and has established a firm position as a leading engineering company. In this industry,various expertise such as technical skills and knowledge, establishment of trustful relationship withclients, and organizing local execution workforce are key success factors to acquire new projects andsecure profits. TOYO has such expertise mainly in petrochemical and chemical fertilizer plants in
Asia including Japan, Russia and Central Asia. Now TOYO is planning to further concentrate its
resources on advantageous business area with expertise to secure profitability.
Meanwhile, it is important for TOYO to recover its net asset deteriorated due to financial losses
incurred on an ethylene project in the U.S.. TOYO, with effort of all members, aims to strengthen thebusiness fundamentals and go back to its steady growth path as soon as possible by this capitalraising. TOYO will invest in (i) business development for business portfolio expansion, (ii)acceleration of plant maintenance services with IoT, (iii) R&D, (iv) innovation of EPC business bydigital transformation, and (v) optimization of administrative operation. Integral provides not only
funds but also supports to TOYO’s further business growth together with Integral’s management
expertise, “i-Engine” function and human network. Integral believes that the Transaction will bebeneficial to all the stakeholders of TOYO including employees, clients, business partners, andshareholders on a global basis.
Respecting TOYO’s current management policy and strategy, Integral trusts that the intelligenceand passion of TOYO human capital are core value, and supports TOYO to realize its long-term andsustainable growth by taking into consideration of the social and industrial significance.
EndPlease Contact Integral for Additional Information:
19 F, Meiji Yasuda Life Building 2-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-0005 Japan
Integral Corporation
Tel: +81-3-6212-6100 Fax: +81-3-6212-6099
URL: https://www.integralkk.com/en-home/
About Integral
Integral (Representative Directors: Nobuo Sayama, Reijiro Yamamoto) was founded in September
2007 as an independent Japanese private equity company investing in listed and unlisted companies
in Japan. “Integral” stands for “integral calculus—accumulation over time” meaning that thecompany will strive to establish a relationship of highest trust with the management of investedcompanies, and will aim to accumulate the highest wisdom over time. Integral makes equity
investments from a long-range perspective through its unique “hybrid investment” approach,utilizing both principal and fund money for investment. Subsequent to investment, the company will
provide optimal support in terms of management and finance through the “i-Engine” corporate valueenhancement team, and will collaborate with the invested company sharing the same objectives andtime horizon and seeing eye-to-eye with its management. Integral aspires to be a trusted investment
fund, contributing to society through the success of the invested companies.