Industry News

Mitsui Chemicals and SKC Form JV to Merge Polyurethane Businesses

Published on 2014-12-30. Author : SpecialChem

Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: Tsutomu Tannowa; “MCI”) and SKC Co., Ltd. (Seoul, Korea; CEO: Jang Suk Park; “SKC”) announced the signing of a joint venture agreement to consolidate the polyurethane material businesses of both companies.

MCI and SKC target to form the new joint venture company (“JVC”) by April 1, 2015 subject to completion of necessary procedures, such as the obtaining of relevant approvals and licenses.

The JVC is headed to be a global comprehensive manufacturer of polyurethane materials which provides value for customers and targets sales of US$2.0 billion per year around 2020.

Basic strategies of the JVC are as follows:
1. Satisfy customer needs in growing markets

The JVC will fully utilize the global networks of MCI and SKC covering Far East Asia, China, ASEAN, Europe, and the Americas based on close relationships with customers and the provision of quick and efficient technical services.

2. Explore new businesses globally
The JVC will develop new applications and customers through consolidation of products and technologies of MCI and SKC.

3. Improve profitability

The JVC will secure global top cost competitiveness by optimizing resources / maximizing efficiency and taking advantage of parent company raw materials.
The JVC intends to maximize the synergy effects by integrating system product businesses. The knowledge and information accumulated by MCI and SKC over the years will be shared and utilized by the JVC to provide total solutions to customers.

About Mitsui
Mitsui Chemicals is a Japanese Chemicals company listed on the Nikkei. It is a part of the Mitsui conglomerate. The company has a turnover of around 15 billion USD and has business interests in Japan, Europe, China, Southeast Asia and the USA. It employs approximately 13,000 people worldwide. The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials. Mitsui Chemicals has its headquarters in the Shiodome City Center complex in Shiodome, Minato, Tokyo.

Source: Mitsui Chemicals 

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