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Japan-based Mitsui Chemicals Inc and Korea-based SKC Co Ltd have announced the signing of a joint venture (JV) agreement to consolidate the polyurethane material businesses of both companies.
MCI and SKC target to form the new JV company by April 1, 2015 subject to completion of necessary procedures, such as the obtaining of relevant approvals and licenses.
The JV, to be headquartered in Korea, is headed to be a global comprehensive manufacturer of polyurethane materials (TDI and MDI), which provides value for customers and targets sales of US$2bn/yr by 2020.
The JV 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 JV to provide total solutions to customers.