Ube, Mitsubishi Rayon, JSR merge ABS subsidiaries

Ube, Mitsubishi Rayon, JSR to merge ABS subsidiaries

9:16 AM, 9th May 2016
Ube, Mitsubishi Rayon, JSR to merge ABS subsidiaries

TOKYO, JAPAN: Ube Industries Ltd, Mitsubishi Rayon Co Ltd, and JSR Corporation have reached an agreement to merge their respective subsidiaries in the ABS (acrylonitrile butadiene styrene) resin business.

The merger concerns Techno Polymer Co Ltd, a wholly-owned subsidiary of JSR and UMG ABS Ltd, which is equally owned by Ube Industries (50 percent) and Mitsubishi Rayon (50 percent). 

The transaction is expected to be completed by 31 October.

The main purpose of the merger is to optimise operations, improve manufacturing efficiencies, and secure cost competitiveness for the acrylonitrile butadiene styrene (ABS) resin business, in order to secure the stable supply of products in Japan and expand sales in global markets, amid an increasingly severe business environment.

Under the basic agreement, the parties will discuss concrete details regarding a business merger including the percentage of ownership in the merged company and name of the new company. The parties will then gain approval from their respective boards of directors and carry out other necessary procedures to reach a legally-binding final agreement, said the company.

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