Nihon Oxirane Co acquired by Sumitomo Chemical from LyondellBasell

Sumitomo acquires Nihon Oxirane from LyondellBasell

9:39 AM, 28th November 2013
Sumitomo Chemical acquires Nihon Oxirane

TOKYO, JAPAN: LyondellBasell has transferred its entire equity holding in Nihon Oxirane Co (NOC) to Sumitomo Chemical. NOC, a joint venture between both the companies, has 40 per cent share of LyondellBasell and 60 per cent owned by Sumitomo Chemical. Upon completion, NOC will become a wholly owned subsidiary of Sumitomo Chemical. The Company also announced its decision to discontinue NOC’s manufacture and sale of styrene monomer, propylene oxide and propylene glycol by the end of May 2015. The equity transfer is expected to be completed by December 2013.

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