January
9, 2003
Asahi Kasei Corporation
Mitsubishi Chemical Corporation
Idemitsu Petrochemical Co., Ltd.
A&M Styrene Co., Ltd.
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| Integration of Polystyrene Operations |
Asahi Kasei Corporation, Mitsubishi Chemical Corporation, and Idemitsu Petrochemical Co., Ltd. have agreed to integrate the polystyrene (PS) operations of A&M Styrene Co., Ltd., a 50-50 polystyrene joint venture between Asahi Kasei and Mitsubishi Chemical, and those of Idemitsu Petrochemical in Japan into a new joint-venture company.
Basic agreement was reached on July 2, 2002. Consultation with the Japan Fair Trade Commission (JFTC) was initiated, and plans for integration of PS operations were submitted. On November 28, the JFTC formally accepted the submitted plans. The new joint venture, tentatively to be named PS Japan, is scheduled to begin operation on April 1, 2003. Discussions and preparations are progressing to facilitate the execution of a final agreement which will enable this schedule to be implemented.
Profile of the new joint venture
| Tentative name: |
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PS Japan |
| Scope of operation: |
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Polystyrene production, sale, and R&D in Japan |
| Shareholders: |
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Asahi Kasei, 45%
Mitsubishi Chemical, 27.5%
Idemitsu Petrochemical, 27.5% |
| President: |
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To be appointed from Asahi Kasei |
| Employees: |
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To be seconded from the three parent companies |
| Head office: |
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Bunkyo-ku, Tokyo, Japan |
| Estimated annual sales: |
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¥50 billion |
| Scheduled start-up: |
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April 1, 2003 |
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