Asahi Kasei Chemicals to absorb wholly owned unit Sanyo Petrochemical

24-Feb-11

Asahi Kasei Chemicals Corp is to absorb its wholly owned unit Sanyo Petrochemical Co on April 1, in preparation for the planned integration of their naphtha cracking operations with Mitsubishi Chemical, as per Reuters. In May 2010, Mitsubishi Chemical Holdings Corp and Asahi Kasei Corp announced plans to set up a joint venture this April to operate their ethylene-making facilities in Mizushima, in a bid to boost synergies amid falling domestic demand.