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| June 7, 2001 |
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| Reorganization of Polyolefin Business |
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| Japan Polychem Corporation |
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Japan Polychem Corporation (Head Office: Chiyoda-ku, Tokyo;
President: Takayori Tsuboi) and Japan Polyolefins Corporation
(Head Office: Minato-ku, Tokyo; Presdient: Koji Hanakura) have agreed to initiate
detailed discussions to integrate their polyethylene business while Japan Polychem
Corporation and Chisso Corporation (Head Office: Chiyoda-ku,
Tokyo; President: Shunkichi Goto) have agreed to do the same for their polypropylene
business.
Japan Polychem Corporation is a joint venture company established jointly by Mitsubishi
Chemical Corporation and Tonen Chemical Corporation to integrate their polyolefin
(polyethylene and polypropylene) business, and Japan Polyolefins Corporation is
a joint venture company between Showa Denko K.K. and Nippon Petrochemicals Co.,
Ltd. which now integrates the polypropylene business of the two companies. Chisso
Corporation has also reorganized its business by, for example, acquiring the polypropylene
business of Tosoh Corporation in 1995.
As to the polyolefin business in Japan, manufacturers face with urgent issue of
strengthening their cost competitiveness due to the establishment of mega-size
manufacturers overseas by means of mergers and acquisitions, gradual reduction
of tariff toward 2004, and start of operations of new large-scale facilities in
Asia and Middle East.
Under these circumstances, Japan Polychem and Japan Polyolefins as well as Japan
Polychem and Chisso Corporation have agreed that it is necessary to study to integrate
their polyethylene and polypropylene business, respectively, by enhancing the
rationalization in all aspects of business including production, sales, distribution,
research and development, and administration to reinforce their international
competitiveness. As to the form of integration now under study, a business company
will be established in their respective fields, and Japan Polychem will become
responsible for the operations that are common to the newly established companies
as well as for coordination of the businesses as a successor company.
| For further information, please contact |
| General Affairs Dept., |
| Japan Polychem Corporation |
| Tel: [+81] 3-3287-8010 |
Japan Polychem Corporation
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Date of start-up
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September 1, 1996 |
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Capital
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Yen 20 billion |
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Total sales
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Approx. Yen 150 billion |
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Total assets
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Approx. Yen 120 billion |
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Employee force
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Approx. 1,000 |
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Shareholders
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Mitsubishi Chemical (65%) |
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Tonen Chemical (35%) |
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President
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Takayori Tsuboi |
Japan Polyolefins Corporation
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Date of start-up
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October 1, 1995 |
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Capital
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Yen 15 billion |
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Total sales
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Approx. Yen 70 billion |
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Total assets
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Approx. Yen 60 billion |
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Employee force
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Approx. 600 |
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Shareholders
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Showa Denko (65%) |
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Nippon Petrochemicals (35%) |
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President
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Koji Hanakura |
Chisso Corporation
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Date of start-up
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January 12, 1950 |
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Capital
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Yen 7,813,968,750 |
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Total sales
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Approx. Yen 140 billion |
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Total assets
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Approx. Yen 96 billion |
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Employee force
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Approx. 950 |
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Major shareholders
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Industrial Bank of Japan (4.99%) |
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Tokio Marine and Fire Insurance (1.52%) |
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President
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Shunkichi Goto |
New Polyethylene Company (planned)
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Name of the company
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Undecided |
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President
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To be appointed from Japan Polychem |
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Date of operation
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Spring of 2002 |
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Capital
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Undecided |
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Total sales
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Yen 150 billion |
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Equity ratio
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Japan Polychem is expected to have a majority of
shares |
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line of business
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Production, sales, and R&D of polyethylene resins
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Employee force
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Undecided |
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