18 December 2012 09:15 [Source: ICIS news]
TOKYO (ICIS)--Japan’s Asahi Glass (AGC) said on Tuesday that it is buying out its partner – Adeka Corp – in epichlorohydrin (ECH) producer Kashima Chemical.
The purchase will double AGC’s stake in Kashima Chemical to 78.75%, effective 25 December, AGC said in a statement.
Financial details of the deal were not disclosed.
Upon becoming a consolidated subsidiary of AGC’s, Kashima Chemical will have a stable supply of feedstock chlorine from a nearby plant as AGC’s caustic soda/chlorine plant is located next to Kashima Chemical’s plants in Ibaraki prefecture.
The other remaining shareholders of Kashima Chemical are Mitsubishi Chemical (11.25%) and Mitsubishi Corp (10%).
Demand for ECH, an epoxy resin feedstock primarily used by the automotive and electronics industries, is expected to be robust, AGC said.
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