Ube, JSR and Mitsubishi merge ABS resin businesses
After a slight delay, Japanese chemical makers Ube Industries, JSR Corp., and Mitsubishi Chemical Corp. have integrated their ABS resin businesses in a move that was first announced in March 2017. The new company is called Techno-UMG.
After a slight delay, Japan chemical makers Ube Industries, JSR Corp., and Mitsubishi Chemical Corp. have integrated their ABS resin businesses in a move that was first announced in March 2017.
According to the terms of the deal, Techno Polymer Co. Ltd., a wholly-owned subsidiary of JSR, and UMG ABS Ltd., which is equally owned by Ube Industries and Mitsubishi Chemical, are now completely integrated. Called Techno-UMG, the company will be based in Tokyo and will be manufacturing, processing, and marketing styrene resins, including ABS, AS, and AES.
Techno Polymer and UMG ABS will jointly operate the integrated new company.
“The integration is to take the form of an absorption-type split, with UMG ABS as the absorbed company and Techno Polymer as the successor company,” Ube Industries said in a statement.
The start of the integrated new company was scheduled to take effect on October 1, 2017, but the start was delayed due to the amount of time needed to complete the procedures stipulated in the competition laws, other laws, and regulations applicable in relevant countries.
JSR will hold 51 per cent of the shares while UMG ABS will hold the remaining 49 per cent.