Seoul and Tokyo – MCNS, the polyols joint venture formed by SKC Chemical and Mitsui Chemicals, is to dissolve on 1 January.
Mitusi cited different strategic visions for the break-up. The company said that its business plan relied increasing the corporate value of its assets and products, while it said its partner had focused on market share growth.
'Since its foundation, MCNS has leant on both Mitsui Chemicals' and SKC's business strengths to steadily grow its earnings… It would now be beneficial for each part to run its own operations in line with its specific strategy,' the company added.
Mitsui said that it is transforming its portfolio and switch to products that are compatible with the circular economy. The company said that its focus included green products such as bio-polyurethane and increased recycling. Mitsui added that customers will continue to be supplied by either it or SKC.
SKC Chemical was unavailable for comment.