Sumitomo to buy Asahi Chemicals

Chemical News: Sumitomo to buy Asahi Chemicals

https://www.chemnet.com Aug 22,2007 RubberWorld.com
United Kingdom (British Plastics & Rubber) -- As part of a bid to expand sales of polypropylene compounds in the Western automotive industry Sumitomo Chemical of Japan is to acquire the Asahi Kasei Chemicals PP compounding plant at Havant near Portsmouth, currently trading as AK & N (UK). The 40,000 tonnes plant is owned 65 per cent by Asahi Kasei and 35 per cent by Planesa, a Belgium-based holding company which coordinates the plastics operations of four Nichimen Group companies in Europe. AK & N has a 20,000 tonnes plant in Marseilles, France, which will also be included in the acquisition. Sumitomo will rename the business Sumika Polymer Compounds Europe. It will be a joint venture between itself (50 per cent) and the Itochu Group and Toyo Ink Group, which will each hold 25 per cent. Sumitomo is also linking with Toyo Ink to set up a compounding business in the USA. This will be called Sumika Polymer Compounds America and will run separately from its other US PP business, the Phillips Sumika Polypropylene Company 50:50 joint venture it has with Chevron Phillips Chemical Co making Marlex brand polypropylenes. The new company will build a 26,000 tonnes compounding plant for start up in early 2009 and will be based near Atlanta in Georgia. It will be owned 55 per cent by Sumitomo and 45 per cent by Toyo Ink.

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