30 July 2002 07:43 [Source: ICIS news]
SINGAPORE (CNI)—Diversified Japanese chemical trader Mitsui & Co will pay Yen1.2bn ($12.49m/Euro12.74m) to acquire Nikken Chemical’s polyols (food additives) business by October this year, a source close to the deal told CNI on Tuesday.
Nikken Chemicals is withdrawing from its polyols operations because the business has become unprofitable due to low-priced imports.
On the other hand, Mitsui wants to increase its exposure to the food additives business in Japan.
Mitsui will take control of Nikken’s polyols facilities near Nagoya, Japan. These are currently co-owned by Nikken (48%), Mitsui (40%) and Meiji Seika Kaisha Ltd, which owns the balance.
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