Mitsubishi Chem To Exit Polystyrene Business
August 06, 2009
Mitsubishi Chemical Corp. said Wednesday that it will withdraw from the business of polystyrene, a general-purpose plastic used to make electronic parts and sundry goods.
The unit of Mitsubishi Chemical Holdings Corp. wants to clean out its unprofitable petrochemical businesses and focus on functional products where it is highly competitive. By October 1, it will sell all its shares in PS Japan Corp. to partners Asahi Kasei Corp. and Idemitsu Kosan Co.
PS Japan, formed through the integration of the trio's polystyrene businesses, is the largest polystyrene producer in the country. Mitsubishi Chemical now has a 27.5 percent stake. Following the share transfer, Asahi Kasei Chemicals Corp. will own 62.07 percent of PS Japan and Idemitsu will own 37.93 percent.
Mitsubishi Chemical is expected to receive around 500 million yen (US$5.26 million) for the shares.
Source: Asia Pulse Pte Ltd.
Engineering News Archive