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Sumitomo to Reorganize U.S. Companies

February 16/2017

MOSCOW (MRC) -- Sumitomo Chemical has announced it will reorganize some of its US group companies to improve the efficiency of their business operations, as per Apic-online.

As of 31 Mar. 2017, Sumitomo Chemical will transfer shares of two of its wholly-owned subsidiaries, Valent U.S.A. Corp. (VUSA) and Sumika Electronic Materials Inc. (SEMI), to its U.S. regional headquarters, Sumitomo Chemical America Inc. (SCAI), making them wholly-owned subsidiaries of SCAI.

Also, on 1 Apr. 2017, Sumitomo will reorganize its VUSA, SEMI, Sumika Polymers North America and Valent BioSciences group companies as limited liability companies.  Following the reorganization, SEMI will be renamed Sumitomo Chemical Advanced Technologies LLC.

As MRC reported earlier, in March 2016, Sumitomo Chemical and Sekisui Chemical (Tokyo) said that they were combining their respective polyolefin films business under a new joint venture, which was due to start operations in July 2016. The new joint venture, Sumika Sekisui Holdings, is owned 35% each by Sumitomo and Sekisui and 30% by the private-public partnership Innovation Network Corporation of Japan (INCJ; Tokyo).  Sumitomo is contributing its Thermo subsidiary and Sekisui its Sekisui Film unit, which reported 2015 sales of Yen8.44 billion (USD74.4 million) .

Sumitomo Chemical is a Japanese based manufacturer of a diverse range of products, including basic chemicals, petrochemicals and plastics, fine chemicals, agricultural chemicals, IT-related chemicals and pharmaceuticals.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, electrical goods, film, Sekisui Plastics, Sumitomo, Japan.
Category:General News
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