21 December 2009 15:11 [Source: ICIS news]
Nippon Steel Chemical and Tohto Kasei reached a basic agreement for the integration, which was scheduled to take effect on 1 April 2010, the companies said in a joint statement.
The move was part of Nippon Steel Chemical’s goal to achieve consolidated net sales of yen (Y) 200bn ($2.21bn) in its functional materials business by 2020, the companies said.
All of the functions of Tohto Kasei’s epoxy-resin business – planning, product development and sales, but excluding manufacturing – would be transferred to Nippon Steel Chemical, the two producers said.
Tohto Kasei would continue to manufacture epoxy-resin products at its three factories, which are located at ?xml:namespace>
Nippon Steel Chemical also planned to strengthen its ties with Kukdo Chemical, its South Korea-based affiliate company that produces epoxy resin, according to the statement.
($1 = Y90.45)
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