Mitsui Chemicals and SKC Agree to Terms of Joint Venture for Polyurethane Material Businesses
2015.03.23
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 |