Mitsui Chemicals Inc. (MCI; Tokyo; www.mitsuichem.com) and SKC Co. SKC Co. (Seoul, Korea) announced the signing of a 50/50 joint venture (JV) agreement to consolidate the polyurethane material businesses of both companies. The newly formed company will establish headquarters located in Korea, and will mainly produce TDI (toluene diisocyanate), polymethylene polyphenyl isocyanate, methylene diphenyl diisocyanate and their variants, as well as polyols, including polyether polyols, polyester polyols, biomass polyols, and other polymer polyols.
MCI and SKC target to form the new JV company by April 1, 2015, subject to completion of necessary procedures, such as the obtaining of relevant approvals and licenses. The JV is planned to be a global comprehensive manufacturer of polyurethane materials, targeting sales of $2.0 billion per year around 2020.
The JV will fully utilize the global networks of MCI and SKC covering Far East Asia, China, ASEAN, Europe, and the Americas based on close relationships with customers and the provision of quick and efficient technical services. The JV will also develop new applications and customers through consolidation of products and technologies of MCI and SKC.
Mitsui and SKC to merge polyurethane material businesses
| By Mary Bailey