MOSCOW (MRC) -- The European Commission (EC) has approved, under the European Union Merger Regulation, the proposed polyurethanes materials joint venture between Mitsui Chemicals Inc. and SKC, a subsidiary of SK Holdings Co. Ltd., reported GV.
As planned, Mitsui and SKC will each hold a 50% interest in the venture, which will be named Mitsui Chemicals and SKC Polyurethanes Inc., and headquartered in Seoul, South Korea. It will operate in both South Korea and Japan.
The venture, expected to begin operations on 1 July 2015, will include the production of toluene diisocyanate, diphenylmethane diisocyanate and polyols, with a total capacity of 720,000 t/y.
The EC concluded that there are no overlaps between the parent companies’ activities in the European Economic Area and therefore the proposed venture would raise no competition concerns.
As MRC informed before, in January 2015, Mitsui Chemicals, a leading Japanese producer of performance materials, petro and basic chemicals and functional polymeric materials, and SKC signed a joint venture agreement to consolidate the polyurethane (PU) material businesses of both companies.
Mitsui Chemicals is a leading manufacturer and supplier of value added specialty chemicals, plastics and materials for the automotive, healthcare, packaging, agricultural, building, and semiconductor and electronics markets. Mitsui Chemicals is a Japanese Chemicals company, a part of the Mitsui conglomerate. The company has a turnover of around USD15 billion and has business interests in Japan, Europe, China, Southeast Asia and the USA. The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials.
MRC