Seoul -- The joint venture between SKC and Mitsui Chemicals will now start on 1 July 2015 pending legal and antitrust clearances, the companies say.
Mitsui SKC jv delay to 1 July 2015
On 22 December 2014, Mitsui Chemicals president & ceo Tsutomu Tannowa and SKC ceo Khee Bong Jeong announced they would consolidate polyurethane material businesses in new joint venture to started on 1 April 2015. Startup will now be postponed, pending completion of antitrust approvals.
Mitsui Chemicals demerger to the Japanese joint venture company will be rescheduled from 1 April to 1 July in line with the startup rescheduling. The joint venture will have companies in both Korea and Japan but its headquarters will be located in Seoul, Korea. It will be named Mitsui Chemicals & SKC Polyurethanes Inc. It will be abbreviated as MCNS in Korea and MCNS-J in Japan.
The Korean part of the Mitsui SKC jv will be managed by KD Won svp SKC and Hiroyasu Ishimaru managing executive officer business sector president, polyurethane business, Mitsui Chemicals. The companies say that after the jv is formed it will be able to offer its products worldwide as a global comprehensive manufacturer of polyurethane materials.
The Mitsui SKC jv will have a polyurethane raw materials capacity of 720kT/year and a sales targets of $1.5bn in 2015, rising to $2bn in 2020.
By C H Lee, The Polyurethane World, Korea
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