BASF Japan Ltd., (head office:Tokyo,president:Dr.Dletmar Nissen) and Mitsubishi
Chemical Corporation (head office:Tokyo,president:Mr.Akira Miura) envisage to
restructure their 50:50 joint venture Mitsubishi Chemical BASF Co., Ltd. (head
office:yokkaichi,president:Mr.Masaaki Nishikawa).
Mitsubishi Chemical BASF was established in 1962 as a 50:50 joint venture of BASF
Japan Ltd.and Mitsubishi Petrochemical Co.,Ltd. at that time, and in 1994 the
company name was changed from the original Mitsubishi Yuka Badische Co.,Ltd.to
the present Mitsubishi Chemical BASF (MCB).During the first years the business
scope has been enlarged steadily and successfully thereafter, adding polymer dispersion
(acrylic-based coatings and adhesives) from 1968,EPS extrusion products from 1973,
and expandable polypropylene from 1987.
Under the current difficult business circumstance in Japan due to the dragging
recession in domestic market and increasing displacement of electric/electronics
appliances industry by transplants, both parent companies have been examining
on the measures to strengthen the business operation of their joint venture, and
came to an agreement that the business areas of MCB should be separated with clear
definition of which parent company holds stronger market position and thus can
proceed with the measures for improvement with full responsibility on that business
area.
As a result, the operation of MCB was decided to be separated into two, and two
new joint venture will be established with the operational leadership by either
one of the parent companies.
One joint venture will be entrusted with the manufacturing and marketing of dispersions
under the operational leadership of BASF Japan Ltd.The other joint venture will
be entrusted with the manufacturing and marketing of foam products under the operational
leadership of Mitsubishi Chemical Corporation.Startup date of the new joint ventures
will be in the 1st quarter of 1999.
With this envisaged restructuring both shareholders agreed to continue their
cooperation most effectively and to the best benefit to the respective customers.
| For further information, please contact |
| Mitsubishi Chemical Corporation |
| Optoellectronics Department |
| Tel: [+81] 3-3283-4536 |
|
