Japan's Mitsubishi Chem to fully acquire Chuo Rika Kogyo

24 December 2013 08:55 Source:ICIS News
TOKYO (ICIS)-- Japanese chemical producer Mitsubishi Chemical plans to acquire all of the remaining shares in its partially-owned chemical company Chuo Rika Kogyo from joint venture partner Sankyo Kasei Corp, the company said on Tuesday.

Financial details were not disclosed.

The deal is aimed at strengthening ties with Chuo Rika Kogyo, a producer of polyvinyl acetate resin, acrylic resins and polyolefins, Mitsubishi Chemical said in a statement.

After deal is completed on 28 March next year, Chuo Rika Kogyo will become a wholly-owned subsidiary of Mitsubishi Chemical, according to the company.

Mitsubishi Chemical currently owns a 68.4% share in Chuo Rika Kogyo, while Sankyo Kasei holds 31.6%, according to Mitsubishi Chemical.
By Tomomi Yokomura