Toyota Tsusho's chem subsidiaries to merge

22 October 2008 12:25  [Source: ICIS news]

TOKYO (ICIS news)--Three chemical-related subsidiaries of Japanese trading house Toyota Tsusho Corp plan to merge in order to strengthen their operations, the parent company said on Wednesday.

The new company aimed to generate net sales of yen (Y) 160bn ($1.6bn) in its initial year, Toyota Tsusho said.

Tomen Chemical, Tomen Plastics and Toyotsu Plachem were scheduled to merge on 1 April 2009 and the new company would be named Toyotsu Chemiplas, the firm added.

The three companies were currently engaged in the domestic sale of chemical products and synthetic resins in Japan and dealt with a wide range of customers from the automotive and other sectors, Toyota Tsusho said.

Toyotsu Chemiplas aimed to become a leading trading house specialising in chemical products and synthetic resins by carrying out aggressive overseas development and business investment, the firm added.

($1 = Y100.6)

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By: Tomomi Yokomura
+65 6780 4359

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