Tokyo – Mitsui Chemicals saw sales fall Yen9bn ($75m) to Yen 154.8bn for the 2014 financial year, but slowed losses in the polyurethane business, according to a press release.
The firm said that the size of losses in the business were Yen 3.5bn in 2014 compared with Yen5.2bn in 2013. Sales to non-Japanese markets were helped by a weaker Yen, the firm said.
According to the company’s consolidated financial results, volume effects reduced sales by Yen14bn in 2014, but price effects were positive by Yen5bn. Fixed costs in the polyurethane business rose by Yen1.2bn.
For 2015, Mitsui’s outlook for sales in polyurethane is Yen118bn and it expects the loss in the business to be around Yen1.5bn. Mitsui added that it will “continue to pursue optimisation of production sites and business restructuring of volatile market products such as polyurethane.”
Mitsui is putting its polyurethane business into a joint venture with Korea’s SKC Chemicals. The joint venture is currently scheduled to start on 1 July 2015.