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| January 27, 2003 |
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| Restructuring of Polymer Dispersions and Foam Plastics Business |
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Mitsubishi Chemical Corporation (Head office: Chiyoda-ku, Tokyo; President: Ryuichi Tomizawa) and BASF Japan Ltd. (Head office: Chiyoda-ku, Tokyo; President: Tomoyoshi Naruo) agreed today that as of January 28, 2003, Mitsubishi Chemical will transfer its entire shares of BASF Dispersions Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President: Naoto Sugino), a joint venture for polymer dispersions business (used for coatings and adhesives), to BASF Japan.
The two companies also agreed that as of January 28, 2003, BASF Japan will transfer its entire shares of Mitsubishi Chemical Foam Plastic Corporation (Head office: Chiyoda-ku, Tokyo; President: Kiyoaki Wakita), a joint venture for foam plastics business, to Mitsubishi Chemical. The company and JSP Corporation (Head office: Chiyoda-ku, Tokyo; President: Masaaki Harada) are scheduled to merge as of July 1, 2003.
Both the polymer dispersions and foam plastics businesses had been the joint businesses between Mitsubishi Chemical and BASF Group and had been conducted by former Mitsubishi Chemical BASF Co., Ltd, a 50:50 joint venture between Mitsubishi Chemical and BASF Japan since 1962. In April 1999 the businesses of the company split into two and the respective business was transferred to newly established two new joint ventures. BASF Japan retained majority control of the polymer dispersions business and Mitsubishi Chemical in the foam plastics business.
The restructuring announced today was agreed upon as it fits the strategies of both companies: Mitsubishi Chemical's pursuit of clearer focuses of its business and assets portfolio, and BASF Group's aim to strengthen its business in Japan that is Asia's largest dispersions market.
MCB Corporation (Head office: Yokkaichi, Mie Prefecture; President: Naoto Sugino), a 50:50 joint venture between Mitsubishi Chemical and BASF Japan has rendered services such as holding and managing the assets jointly used by BASF Dispersions and Mitsubishi Chemical Foam Plastic, leasing the assets and providing utilities to them since the restructuring of former Mitsubishi Chemical BASF. The termination of the joint venture relationship for both businesses also leads to termination of the joint ownership of MCB, and Mitsubishi Chemical will acquire all shares of MCB held by BASF Japan as of January 28, 2003. Mitsubishi Chemical will merge MCB as of March 24, 2002, for effective management of MCB businesses.
The restructuring will close the joint venture relationship between Mitsubishi Chemical and BASF Japan in the two business areas. However, the two companies will continue to collaborate in the spirit of mutual trust and will maintain the good relation.
| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
| Corporate Communications, |
| BASF Japan Ltd. |
| Tel: [+81]-(0)3-3238-2226 |
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Polymer Dispersions Business |
Foam Plastics Business |
Service Platform
(Managing/Leasing Assets, Providing Utilities) |
Comments |
| Jan. 1962 |
Mitsubishi Chemical BASF Co., Ltd.
(Mitsubishi Chemical 50%, BASF Japan 50%) |
Company established |
| Apr. 1999 |
BASF Dispersions Co., Ltd.
(Mitsubishi Chemical 35%, BASF Japan65%) |
Mitsubishi Chemical Foam Plastic Corporation
(Mitsubishi Chemical 90%, BASF Japan 10%) |
MCB Corporation
(Mitsubishi Chemical 50%, BASF Japan 50%) |
Split the business |
| Apr. 2002 |
BASF Dispersions Co., Ltd.
(Mitsubishi Chemical 33%, BASF Japan 67%) |
Mitsubishi Chemical Foam Plastic Corporation
(Mitsubishi Chemical 90%, BASF Japan 10%) |
MCB Corporation
(Mitsubishi Chemical 50%, BASF Japan 50%) |
Change in shareholding ratio |
| Jan.2003 |
BASF Dispersions Co., Ltd.
(BASF Japan 100%) |
Mitsubishi Chemical Foam Plastic Corporation
(Mitsubishi Chemical 100%) |
MCB Corporation
(Mitsubishi Chemical 100%) |
Closing of joint venture relationship |
| Mar. 2003 |
BASF Dispersions Co., Ltd.
(BASF Japan 100%) |
Mitsubishi Chemical Foam Plastic Corporation
( Mitsubishi Chemical 100%) |
Mitsubishi Chemical |
Mitsubishi Chemical
will merge MCB |
| Jul. 2003 |
BASF Dispersions Co., Ltd.
(BASF Japan 100%) |
JSP Corporation
(Mitsubishi Gas Chemical 45.8%, Mitsubishi Chemical 4.7%) |
Mitsubishi Chemical
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Mitsubishi Chamical Foam Plastic
will merge with JSP |
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