Mitsubishi Chemical Corporation today announced that it has completed the purchase
of Hoechst's equity interest in the two companies' seven-year-old joint venture
to produce polyester films. Included in the acquisition are operations in Greer,
S.C., U.S.A., and Wiesbaden, Germany, as well as facilities in Santo and Nagahama,
Japan, and Merak, Indonesia.
As a result of the acquisition, MCC becomes the sole owner of the world's second
largest polyester films producer. Its films group includes Mitsubishi Polyester
Film, LLC, formerly Hoechst Diafoil Company in the U.S.; Mitsubishi Polyester
Film GmbH, formerly Hoechst Diafoil GmbH in Germany; and Mitsubishi Polyester
Film Corp., formerly Diafoil Hoechst. Co., Ltd., in Japan. The group's film operation
in Indonesia -- PT Bakrie Diafoil, which is a subsidiary of Mitsubishi Polyester
Film Corporation in Japan -- has not changed its name.
With manufacturing, R&D, and marketing resources in all three of its major
regions, Mitsubishi will be a global leader in the polyester film market, serving
such industries as packaging, electrical, imaging and magnetics. The films group
will have annual sales of more than $600 million, with an annual capacity of 170,000
tons and 2,000 employees.
"Mitsubishi Chemical has reaffirmed its commitment to the polyester film market
with the purchase of Hoechst's interest in our successful joint venture," says
Kohsuke Kanaya, new CEO for the Mitsubishi Polyester Film group. "We believe this
acquisition will enable us to maximize our global synergies while continuing to
be the most responsive supplier to our customers' local needs."
Hoechst sold its interest in the films joint venture to help meet its strategic
goal of becoming a life sciences company.
Mitsubishi Chemical Corporation, which manufactures basic chemicals, pharmaceuticals,
and information and electronic related products, is among the top 10 chemical
companies worldwide. MCC was established in 1994 as a result of the merger between
Mitsubishi Kasei Corp. and Mitsubishi Petrochemical Co. Ltd.. Its sales for fiscal
year 1997 (ending March 1998) were US$13 billion.
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