10 June 2013 07:47 [Source: ICIS news]
SINGAPORE (ICIS)--DuPont China has agreed to transfer its 50% stake in Asahi-DuPont POM (Zhangjiagang), a joint venture with Japan’s Asahi Kasei Chemicals, to the Asahi Kasei Group, Asahi Kasei said on Monday.
Asahi Kasei Chemicals and DuPont China each have an equal stake in Asahi-DuPont POM (Zhangjiagang), which produces and sells polyacetal (POM) copolymer in China, the company said in a statement.
Asahi-DuPont POM (Zhangjiagang) has a 20,000 tonne/year POM facility at Jiangsu province in China.
DuPont will transfer its shares to Asahi Kasei (China), a subsidiary of Asahi Kasei in China.
Upon completion of the transfer, Asahi Kasei Chemicals and Asahi Kasei (China) will each hold a 50% ownership stake in the firm, it said.
“Asahi Kasei Chemicals and DuPont will now advance procedures to receive the necessary approvals from the Chinese government, and begin deliberations with clients regarding the transition,” the firm said.
“Timing of the share transfer and a new name for the company will be determined upon receipt of such approvals,” the company added.
When the transfer of ownership is complete, Asahi DuPont POM (Zhangjiagang), will be fully integrated with the performance plastics business of Asahi Kasei Chemicals, Asahi Kasei said.
Financial details of the share transfer were not disclosed.
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