January
28, 2004
Asahi Kasei Corporation
Asahi Kasei Chemicals Corporation
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| Transfer of shares in Chimei-Asahi Corporation |
Asahi Kasei Chemicals, a wholly owned subsidiary of Asahi Kasei, and Chi Mei Corporation of Taiwan have agreed to revise the ownership ratio in their polycarbonate (PC) joint venture Chimei-Asahi Corporation. Chi Mei currently holds 51% of Chimei-Asahi, while Asahi Kasei Chemicals holds the remaining 49%. Asahi Kasei Chemicals will transfer a portion of its holding in Chimei-Asahi to Chi Mei by the end of March 2004, reducing its stake to 10% and increasing Chi Mei’s stake to 90%.
Chimei-Asahi began commercial production of PC in June 2002 using a novel ecoefficient process developed by Asahi Kasei Chemicals. Its 50,000 ton/year plant was operated non-stop for 18 months until routine shut-down in November 2003 for maintenance and an expansion of capacity to 65,000 tons/year. The operating run provided invaluable verification of the integrity and reliability of the new process under commercial operating conditions. The plant has been operating at capacity since restarting after the expansion.
Increasing its stake in Chimei-Asahi will enable Chi Mei to manage operations with greater speed and flexibility as part of its strategy of developing PC operations into a high-growth, high-earnings business through additional capacity additions in the near term.
Asahi Kasei Chemicals will continue to market PC produced by Chimei-Asahi and to source PC from the joint venture for use in flame-retardant polymer alloys. The reduced stake in Chimei-Asahi is in line with the Asahi Kasei Chemicals strategy of shifting the orientation of business related to its PC process toward greater emphasis on licensing the technology to producers throughout the world outside Taiwan.
About the Asahi Kasei Chemicals PC process
The process is the world’s first to use carbon dioxide as a starting material, and enables the synthesis of PC without the intermediate phosgene or the solvent methylene chloride. The process brings high efficiency and yield, and generates no waste process water. The ecoefficiency of the process has been recognized by a Green and Sustainable Chemistry Award by Japan’s Minister of Economy, Trade and Industry, a Japan Chemical Industry Association Technology Award, and a Technology Award from the Society of Chemical Engineers, Japan.
Corporate profiles
| Asahi Kasei Corporation |
| President: |
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Shiro Hiruta |
| Head office: |
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Tokyo, Japan |
| Paid-in capital: |
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¥103,389 million |
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| Asahi Kasei Chemicals Corporation |
| President: |
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Taketsugu Fujiwara |
| Head office: |
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Tokyo, Japan |
| Paid-in capital: |
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¥3,000 million |
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| Chi Mei Corporation |
| Chairman: |
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W. L. Shi |
| President: |
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J. Y. Ho |
| Head office: |
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Tainan, Taiwan |
| Paid-in capital: |
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NT$12.7 billion |
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| Chimei-Asahi Corporation |
| President: |
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C. H. Hsu |
| Head office: |
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Tainan, Taiwan |
| Paid-in capital: |
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NT$1.23 billion |
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