 |
|
|
 |
|
|
|
|
| January 21, 2003 |
|
| Japan Polychem Corporation to Become 100%-owned Subsidiary of Mitsubishi Chemical |
|
| Mitsubishi Chemical Corporation |
|
Mitsubishi Chemical Corporation (Head Office: Chiyoda-ku, Tokyo; President: Ryuichi Tomizawa) has reached to a basic agreement today with Tonen Chemical Corp. (Head Office: Minato-ku, Tokyo; President: Yasuo Kudo) in which Mitsubishi Chemical will purchase all shares of Japan Polychem Corporation (Head Office: Chiyoda-ku, Tokyo; President: Etsujiro Kouge) held by Tonen Chemical, making the joint venture company in the polyolefin business, a 100%-owned subsidiary of Mitsubishi Chemical. Detailed agreements will be concluded in a short period, after which the share purchase will be consummated.
Mitsubishi Chemical had been discussing with Tonen Chemical to resolve differences of opinions on the management policies of Japan Polychem including the planned integration of the polyethylene business with Japan Polyolefin Co. as well as the polypropylene business with Chisso Corporation. The discussion had led to the mutual agreement that making Japan Polychem a wholly owned subsidiary of Mitsubishi Chemical, thus enabling Mitsubishi Chemical Group to operate the polyolefin business responsively and effectively, is the most appropriate solution.
After the share purchase, Japan Polychem will swiftly realize the planned alliances with Japan Polyolefin Co. and Chisso Corporation with cooperation from these two companies.
Mitsubishi Chemical Group recognizes the extreme importance for the petrochemicals businesses, its largest business sector, of maintaining and strengthening competitiveness in olefin and its major derivative, polyolefin, and it will proceed with the alliances and investments that are necessary for improving its competitiveness. Making Japan Polychem as a 100%-owned subsidiary is the first step in that direction. Mitsubishi Chemical will continue implementing speedily all necessary measures to timely and effectively respond to various changes of business environment including anticipated increase of import due to the scheduled tariffs reduction in 2004, thereby reinforcing its competitiveness in the overall petrochemicals businesses from olefin crackers to derivatives.
<Outline of Japan Polychem Corporation>
| Established: |
September 1, 1996 |
| Head office: |
1-10-1 Yurakucho, Chiyoda-ku, Tokyo |
| President: |
Etsujiro Kouge |
| Paid-in capital: |
Yen 20 billion |
| Shareholders: |
Mitsubishi Chemical - 65%
Tonen Chemical - 35% |
| Business line: |
Production, sales and R&D of polyolefin |
| Turnover: |
About Yen 140 billion (expected for the fiscal year ending in December 2002) |
| Employee force: |
About 830 (as of December 31, 2002) |
| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
|
|
|
 |
|
|
|
