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| May 9, 1996 |
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| Establishment of Joint Polyolefins Company |
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Mitsubishi Chemical Corporation
Tonen Chemical Corporation |
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Mitsubishi Chemical Corporation (MCC) and Tonen Chemical Corporation (TCC) announced
that they have recently signed a joint venture agreement regarding the consolidation
of their respective polyolefins businesses. The outline of the joint polyolefins
company isas follows:
| 1. Name of Company |
Japan Polychem Corporation |
| 2. Location of Head Office |
Yurakucho Building, 1-10-1 Yurakucho, Chiyoda-ku, Tokyo |
| 3. Officers |
President : Arata Makino
(serving concurrently as Managing Director of Mitsubishi Chemical Corporation)
Vice President: Jun Inokuchi
(Vice President of Tonen Chemical Corporation) |
| 4. Establishment |
May 24, 1996 |
| 5. Commencement of Operation |
September 1, 1996 |
| 6. Capital Stock |
2 billion yen (at commencement of operation)
| Equity Share: |
Mitsubishi Chemical Corporation |
50% |
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Tonen Chemical Corporation |
50% |
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| 7. Outline of Business |
| (1) |
Manufacturing and sales of polyethylene resin, polypropylene
resin, and compounds of these polyolefin resins. (For the time being, manufacturing
of the polyolefin resins to be sold by the new company will continue to be performed
by the parent companies.) |
| (2) |
Technical services, inventory control, delivery and production
planning for the above. |
*Tonen Chemical Corporation, Union Carbide Corporation and Nippon Unicar Co.,
Ltd. are continuing negotiations concerning the participation of Nippon Unicar
for polyethylene, excluding its wire & cable grades. |
| 8. Sales |
Approx. 150 billion yen |
| 9. Employees |
Approx. 400 |
| For further information, please contact |
| Public Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81] 3-3283-6274 |
| General Affairs Dept., |
| Tonen Chemical Corporation |
| Tel: [+81] 3-3542-7361 |
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