Sector News

Mitsui Chemicals, SKC to merge polyurethane material businesses

December 22, 2014
Chemical Value Chain
Mitsui Chemicals and SKC (Seoul) plan to merge their polyurethane (PU) raw material businesses into a joint venture by 1 April 2015. Mitsui president and CEO Tsutomu Tannowa and SKC CEO Jang Suk Park signed the jv agreement today.
 
The jv, yet to be named, will be equally owned by the two companies and fully use their worldwide networks. The jv will be headquartered in South Korea and is expected to generate sales of about $1.50 billion in 2015, rising to about $2.00 billion/year in 2020.
 
The jv will aim to reduce costs by integrating the partners’ PU system product businesses and develop new applications through consolidating products and technologies.
 
Mitsui will contribute to the jv a 120,000-m.t./year toluene diisocyanate (TDI) plant at Omuta, Japan, and the company’s 50% share of the 200,000-m.t./year methylene di-para-phenylene isocyanate (MDI) plant operated by the Kumho Mitsui Chemicals jv at Yeosu, South Korea. Mitsui will also contribute a 50,000-m.t./year polyols plant at Nagoya, Japan, as well as a 40% stake in the Vithal Caster Polyols jv, which is slated to start up an 8,000-m.t./year biomass-to-polyols plant in Gujarat State, India, next year. SKC will contribute a 180,000-m.t./year MDI unit at Ulsan, South Korea. 
 
Mitsui announced earlier this year that it would close a 117,000-m.t./year TDI plant at Kashima, Japan; and a 60,000-m.t./year MDI plant at Omuta by the end of 2016. These plants will operate as part of the planned jv with SKC until they close.
 
The jv will have PU systems operations at Beijing, Foshan, Suzhou, and Tianjin, China; as well as in Indonesia, Malaysia, Poland, Thailand, and the United States.
 
By Ian Young with Clement Choo
 

comments closed

Related News

October 2, 2022

Trinseo announces potential closure of Boehlen, Germany Styrene Plant

Chemical Value Chain

Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.

October 2, 2022

Celeste Mastin appointed H.B. Fuller President and CEO, succeeding Jim Owens upon his retirement

Chemical Value Chain

H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.

October 2, 2022

LyondellBasell realigns executive team, forms circular and low-carbon solutions business

Chemical Value Chain

New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.