Mitsubishi Chemical Corporation and Sasol Chemical Industries Limited have agreed to dissolve the joint venture for acrylic acid and acrylates business in the Republic of South Africa, established on September 30, 2003.
Sasol Dia Acrylates (Pty) Limited (SDA) which markets the products and conducts investment activity in the global market, and Sasol Dia Acrylates (South Africa) (Pty) Limited manufactures the products.
After signing the various agreements on dissolution, MCC will transfer all the 50% shares in SDA to Sasol and both joint ventures will become wholly owned subsidiaries of Sasol.
In view of the changing business environment, the companies arrived at the conclusion that it would be of mutual advantage to dissolve SDA in an amicable manner and to develop the relevant business on their own. The transaction is subject to the approvals from the South African Competition Authorities, German Competition Authorities, and the South African Reserve Bank.