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Ube, JSR & Mitsubishi get EC okay for combination of ABS businesses

December 29/2017

MOSCOW (MRC) -- Ube Industries, JSR Corp. and Mitsubishi Chemical Corp. (MCC) have received European Commission (EC) approval for the planned integration of their acrylonitrile butadiene styrene (ABS) subsidiaries, as per GV.

The combination involves UMG ABS, a 50-50 joint venture of Ube and MCC, and Techno Polymer Co. (TPC), a JSR subsidiary. JSR and UMG ABS plan to acquire joint control over TPC, making TPC a joint venture of the two companies.

The transaction had been scheduled to take effect on 1 Oct. 2017, but was delayed due to the length of procedures stipulated in competition laws, other laws and regulations, applicable in relevant countries. The new date of the split has not been disclosed.

As MRC reported earlier, in July 2016, oversupply of purified terephthalic acid (PTA), mainly from China, prompted Mitsubishi Chemical to off load Indian as well as Chinese PTA businesses.

Mitsubishi Chemical with headquarters in Tokyo, Japan, is a diversified chemical company involved in petrochemicals, polymers, agrochemicals, speciality chemicals and pharmaceuticals. The company's main focus is on three business pillars: petrochemicals, performance and functional products, and health care.
Author:Margaret Volkova
Tags:Europe, PS, PET, ABS, terephthalic acid, Mitsubishi Chemical, UBE K 535, India, China.
Category:General News
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