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Sunday, 22 September 2019
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Markets & companies, Raw materials market

Mitsui Chemicals and SKC join hands to unite polyurethane businesses

Wednesday, 7 January 2015

Mitsui Chemicals, Inc. and SKC Co., Ltd. announced the signing of a joint venture agreement to consolidate the polyurethane material businesses of both companies.

From left: Jang Suk Park, CEO of SKC and Tsutomu Tannowa, CEO of Mitsui Chemicals. Source: Mitsui Chemicals

From left: Jang Suk Park, CEO of SKC and Tsutomu Tannowa, CEO of Mitsui Chemicals. Source: Mitsui Chemicals

MCI and SKC target to form the new joint venture company ("JVC”) subject to completion of necessary procedures, such as the obtaining of relevant approvals and licenses. The JVC is headed to be a global comprehensive manufacturer of polyurethane materials which provides value for customers and targets sales of EUR 1.68 billion per year around 2020.

Basic strategies of the JVC are as follows:
  1. Satisfy customer needs in growing markets
    The JVC will fully utilize the global networks of MCI and SKC covering Far East Asia, China, ASEAN, Europe, and the Americas based on close relationships with customers and the provision of quick and efficient technical services.
  2. Explore new businesses globally
    The JVC will develop new applications and customers through consolidation of products and technologies of MCI and SKC.
  3. Improve profitability

The JVC will secure global top cost competitiveness by optimising resources / maximising efficiency and taking advantage of parent company raw materials. It intends to maximise the synergy effects by integrating system product businesses. The knowledge and information accumulated by MCI and SKC over the years will be shared and utilised by the JVC to provide total solutions to customers.

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