MOSCOW (MRC) -- Polyplastics Co., Ltd. has reached agreement with Teijin Limited for a move, under which WinTech Polymer Ltd. will acquire all WinTech Polymer shares currently owned by Teijin, effective this September 30, said the producer on its site.
Pursuant to this stock acquisition, WinTech Polymer will become a wholly owned subsidiary of Polyplastics, while carrying on all of its existing business operations in their current status.
As a core pillar of the push to further enhance its corporate portfolio, Polyplastics will be utilizing this move to commit even greater energies and resources to its PBT and GF-PET businesses, thereby gearing up to more fully meet the expectations and needs of the market, customers and its other precious stakeholders.
The Polyplastics Group, as a top supplier of engineering plastics whose Fuji Plant in Japan; Dafa Plant in Kaohsiung, Taiwan; and Nantong Plant in mainlandChina have a combined yearly compound production capacity of 150,000 tons, will continue to make every effort to provide customers with a stable supply of products in the aim of further increasing customer satisfaction.
WinTech Polymer Ltd. with the head office in Minato Ward (Tokyo) is a producer of thermoplastic polyester resin. The company was originally formed through the merger of the PBT resin business division of Polyplastics Co., Ltd. and the PBT resin and PET resin business arms of Teijin Limited. Polyplastics Co., Ltd owns 60% equity holdings in WinTech Polymer and Teijin Limited - 40% holdings.
MRC