October 13, 2023
Asahi Kasei Corp.

Asahi Kasei has completed a transfer of the container business (Container Business) of its wholly owned subsidiary Asahi Kasei Pax Corp., concluded an agreement for the transfer of the company's film business (Film Business), and decided to liquidate Asahi Kasei Pax.

On October 1, 2023, Asahi Kasei transferred the Container Business to RP Topla Limited and relocated the headquarters of Asahi Kasei Pax. The manufacturing facility of the Container Business, the Ono Plant, located in Hyogo Prefecture, Japan, ceased operation on September 30, 2023.

On September 29, 2023, Asahi Kasei concluded a final agreement on splitting the Film Business into a separate company (incorporation-type company split) and transferring 90% of its shares to Sumitomo Bakelite Co., Ltd. Under the agreement, the rights and obligations related to the Film Business are to succeed to a subsidiary established through a company split (incorporation-type company split) effective April 1, 2024 (scheduled), with all shares allocated to Asahi Kasei, and 90% of the shares to be transferred from Asahi Kasei to Sumitomo Bakelite on the effective date.

With the transfers of the Container Business and the Film Business, Asahi Kasei has decided to liquidate Asahi Kasei Pax. Liquidation will be performed upon completion of dismantling of the Ono Plant.

Since its establishment in 1963, Asahi Kasei Pax has manufactured and sold laminated plastic film for the packaging of food and pharmaceutical products, etc., as well as plastic molded containers for beverages and food. In order to further expand the Container Business and the Film Business, it was concluded that it would be best to transfer said businesses to RP Topla and Sumitomo Bakelite, which have high technological capabilities and a strong presence in their respective markets.

Overview of Asahi Kasei Pax Corp.

Business

Manufacture and sale of laminated film for the packaging of food and pharmaceuticals, and plastic containers for beverages and food

Location

Marunouchi, Chiyoda Ward, Tokyo

The effect on consolidated earnings is immaterial.

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