07 August 2002 09:54 [Source: ICIS news]
SINGAPORE (CNI)--Japan's Mitsui Chemical is to sell off its 50% equity stake in local synthetic dye joint venture Mitsui BASF to the Japanese subsidiary of German company DyStar Textilfarben, a Mitsui spokesman said Wednesday.
The cost of the acquisition was not revealed .
DyStar Japan Ltd had already bought BASF's 50% stake in Mitsui BASF earlier, so DyStar will fully own the company with effect from 30 September 2002. The company has one plant that produces dyestuffs for textiles.
The spokesman said the sell-off was part of a plan to focus on its core petrochemical business ahead of the company's merger with Sumitomo Chemical in 2004.
Mitsui and Sumitomo launched their polyolefins merger, Sumitomo Mitsui Polyolefin Co, in April this year. The two companies will also focus on pharmaceuticals, fine chemicals, information technology (IT)-related chemicals as well as their olefins business.
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