Mitsui Chemicals and SKC Agree to Terms of Joint Venture for Polyurethane Material Businesses

March 23, 2015
Mitsui Chemicals, Inc.

Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: Tsutomu Tannowa ) and SKC Co., Ltd. (Seoul, Korea; CEO: Jang Suk Park; “SKC”) announced the two companies have agreed to basic terms of the consolidation of the polyurethane material businesses of the companies pursuant to the joint announcement last December 22nd.

1. Name of Joint Venture Company

The joint venture will have companies in both Korea and Japan. The name of the joint venture companies in both countries will be “Mitsui Chemicals & SKC Polyurethanes Inc.

2. Management

Korean Joint Venture Company

Title Name Current position in parent company
Co-CEO Kidon Won Senior Vice President President of Chemical Business,
SKC Co., Ltd.
Co-CEO Hiroyasu Ishimaru Managing Executive Officer Business Sector President,
Polyurethane Business Sector, Mitsui Chemicals, Inc.

Japanese Joint Venture Company

Title Name Current position in parent company
Co-CEO Kidon Won Senior Vice President President of Chemical Business,
SKC Co., Ltd.
Co-CEO Hiroyasu Ishimaru Managing Executive Officer Business Sector President,
Polyurethane Business Sector, Mitsui Chemicals, Inc.
Senior Managing Officer Shingo Shibata General Manager, Polyurethane Division,
Polyurethane Business Sector, Mitsui Chemicals, Inc.

3. Rescheduling of Startup of Joint Venture Company

The scheduled April 1st startup of the joint venture companies will be rescheduled to July 1st pending completion of legal procedures for approval by authorities in relation to anti-trust laws. Mitsui Chemicals demerger to the Japanese joint venture company will be rescheduled from April 1st to July 1st in line with the startup rescheduling.

Reference

Outline of Joint Venture

Business area Development, manufacturing, and sales of polyurethane materials
Purpose of JV Provision of high value to customers around the world as a global comprehensive manufacturer of polyurethane materials
Head office of global operations Seoul, Korea
Shareholding ratio of Korean JV Mitsui Chemicals 50%, SKC 50%
Sales FY2015:1.5 billion US$
Around 2020:Target 2.0 billion US$
Capital Korea JV:70 billion Korean won
Japan JV:18 billion Japanese yen

Press Release (Dec. 22, 2014)


Attachment

Mitsui Chemicals and SKC Agree to Terms of Joint Venture for Polyurethane Material Businesses (PDF : 142.38KB)PDF