Asahi Kasei, Daiso dissolves Okayama Chemical joint venture

Asahi Kasei, Daiso dissolves Okayama Chemical joint venture

1:03 AM, 13th March 2012
Asahi Kasei, Daiso dissolves Okayama Chemical joint venture

TOKYO, JAPAN/OSAKA, JAPAN: Asahi Kasei Chemicals and Daiso Co Ltd will dissolve their joint venture for the production and sale of chlorine and caustic soda, Okayama Chemical Co Ltd, as on 1 April 2012. After its dissolution as a joint venture, Okayama Chemical will continue operating as a wholly owned subsidiary of Daiso. Okayama Chemical operated as a joint venture for 41 years. Recent changes in the operating climate led its two shareholders to the determination that the business would be best managed independently, with each party focusing exclusively on its own respective management strategy.

Asahi Kasei Chemicals will transfer its shares in Okayama Chemical to Daiso as of 1 April 2012. Assuming full ownership of Okayama Chemical as a subsidiary beginning on 1 April 2012, Daiso will swiftly formulate the optimal structure to further strengthen the chlorine and caustic soda operation. Asahi Kasei Chemicals will independently reinforce its business configuration for basic chemical products.

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