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
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.