Kartik Kohli 2023-07-06 23:46:25
Mitsui Chemicals, Inc. will split off the protective films business and industrial films and sheets business — which together comprise an information and communications technology (ICT) business — of the company’s wholly owned subsidiary Mitsui Chemicals Tohcello, Inc.
Mitsui Chemicals will establish a new 100% owned subsidiary for the ICT business, under the name Mitsui Chemicals ICT Materia, Inc. Mitsui Chemicals Tohcello’s other business is packaging solutions. Mitsui Chemicals Tohcello will merge this business with SunTox Co., Ltd. — a joint venture between packaging company Rengo Co., Ltd. (Osaka, Japan) and Tokuyama Corp. The merger will create an integrated company for the packaging solution business, Mitsui Chemicals said.
Rengo will hold 51% of the merged packaging solutions company and Mitsui Chemicals will hold 34% or more. The new entity will be a subsidiary of Rengo and an equity-method affiliate of Mitsui.
A portion of Mitsui Chemicals’ shares in Mitsui Chemicals Tohcello will then be transferred to Rengo to implement an equity adjustment, also making Mitsui Chemicals Tohcello a subsidiary of Rengo and an equity-method affiliate of Mitsui Chemicals. As a shareholder, Mitsui Chemicals said it will remain involved in managing the new packaging solutions company.
Mitsui Chemicals said that it is working to expand its ICT solutions business in line with the company’s Vision 2030 long-term business plan. Mitsui plans to grow these operations into a third pillar of earnings as part of its ongoing business portfolio transformation.
The strategy will see Mitsui’s ICT solutions business split into four areas: semiconductor and assembly solutions, imaging solutions, battery material solutions and converting solutions. Mitsui aims to strengthen each of these areas.
In a targeted effort in semiconductor and assembly solutions, the company is coordinating its strategy around semiconductor technologies and aiming to leverage its strengths to create new businesses and products, it said.
“In line with that approach — as well as the projections of both medium- to long-term growth and continuous technological innovation in the semiconductor market — Mitsui Chemicals has decided to split off Mitsui Chemicals Tohcello’s ICT business and operate it as an affiliate to help facilitate speedy decision-making and pursue even greater synergies for the Mitsui Chemicals group,” it added.
The newly created Mitsui Chemicals ICT Materia produces protective films, films for the electronic component manufacturing process and other industrial films and sheets used by the semiconductor, electronic materials and optical industries, as well as in solar cell encapsulants.
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