02 September 2013 08:58 [Source: ICIS news]
TOKYO (ICIS)--Japan’s third biggest refiner Idemitsu Kosan plans to sell its polyphenylene sulfide (PPS) resin business to its 50% subsidiary Lion Idemitsu Composites, the company said on Monday.
Effective 1 October 2013, all of the assets in Idemitsu’s PPS business and its production technology patents will be sold to Lion Idemitsu Composites, Idemitsu said in a statement.
The company did not disclose the sale price, however.
By selling the PPS business to Lion Idemitsu Composites, the business itself will be more efficient, the refiner said.
The integration of the PPS business with Lion Idemitsu’s products will also enable Lion Idemitsu to expand its product line-up, the company added.
PPS resin is used for electric appliances for homes, office automation products and car parts.
Lion Idemitsu Composites is a 50:50 joint venture between Lion Corp and Idemitsu Kosan.
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