Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: Tsutomu Tannowa; “MCI”) and SKC Co., Ltd. (Seoul, Korea; CEO: Jang Suk Park; “SKC”) announced the signing of a joint venture agreement to consolidate the polyurethane material businesses of both companies.
MCI and SKC target to form the new joint venture company (“JVC”) by April 1, 2015 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 US$2.0 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.
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