SINGAPORE( ICIS)--Mitsui Chemicals (MCI) will transfer its organic acids business to manufacturer Fuso Chemical, the Japanese chemical producer said on Friday.
The transfer will be completed by October 1, 2014. The business comprises of a 32,000 tonnes/year maleic anhydride (MA) and 15,000 tonnes/year Fumaric acid plant at Kamisu City, Ibaraki Prefecture, Japan, it said.
‘Mitsui Chemicals will manufacture under contract and supply Fuso with the two products until transfer of production facilities are finalized’, it added.
Details of the agreement will be discussed and a formal business transfer agreement is expected to be signed by late June.
Financial details of the transfers were not disclosed.