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| January 8, 2003 |
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| Equity Participation in Schenectady Korea |
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| Mitsubishi Chemical Corporation |
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Mitsubishi Chemical Corporation (Head Office: Chiyoda-ku, Tokyo;
President: Ryuichi Tomizawa) has acquired 50% of the equity of Schenectady Korea
Ltd. on December 31, 2002, from Schenectady International Inc. (Head Office: New
York State; CEO: Wallace A. Graham).
Although Mitsubishi Chemical has been developing its alkylphenol business in Japan
and other regions of Asia through Yuka Schenectady Co., Ltd. (Head Office: Chiyoda-ku,
Tokyo; President: Tokio Niikuni), a 50-50 joint venture with Schenectady International,
the company will further reinforce its alliance with Schenectady International
through this equity participation in Schenectady Korea and meet the rapidly increasing
demand for alkylphenol in Asia by securing a stable supply organization with production
bases in both Japan and Korea.
While alkylphenol is used as a chain terminator for polycarbonate resins, raw
material of printing ink, and in surfactant, the remarkable growth of polycarbonate
resins in Japan and other parts of Asia have increased the demand for PTBP (PARA-tert-BUTYLPHENOL),
the grade used for this resin. Consequently, by introducing the state-of-the-art
technology of Schenectady International, Schenectady Korea plans to start production
of alkylphenol for polycarbonate resins and to increase its production capacity
of 50%, aiming at mid-year.
Outline of Schenectady Korea Ltd., (in which Mitsubishi Chemical has made the
equity participation), is as follows:
| 1. |
Company name: |
Schenectady Korea Ltd. |
| 2. |
Established: |
December 2001 |
| 3. |
Paid-in capital: |
Won 5.2 billion |
| 4. |
Head office: |
Seoul, Korea |
| 5. |
Factory: |
Yosu, Korea |
| 6. |
President: |
Jin Sub Shim |
| 7. |
Equity share: |
| Mitsubishi Chemical |
50% |
Schenectady International
(as of December 31, 2002) |
50% |
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| 8. |
Line of business: |
Manufacturing and sales of alkylphenol |
| 9. |
Production capacity: |
7,000 tons/year (After planned expansion: Approximately 11,000
tons) |
| 10. |
Turnover: |
Won 11.5 billion (expected for the fiscal year ending in December
2002) |
| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-6414-3730 |
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