Mitsubishi Chem mulls acquisition of Mitsubishi Rayon

In a bid to draw level with rivals from the Middle East and China, Mitsubishi Chemical Holdings is planning restructuring of its petrochemical operations. Negotiations are underway for Mitsubishi Chemical Holdings to buy resin maker Mitsubishi Rayon for approximately US$2.1 bln. Mitsubishi Rayon is the world's No. 1 maker of methyl methacrylate (MMA). The Japanese major wants to build up its offering of value-added materials to catch up with the likes of BASF and Dow Chemical. The deal will enhance company focus on high-end, high-performance resins. Mitsubishi Rayon recently bought unlisted British chemical firm Lucite for US$1.6 bln. Lucite is the world's top maker of MMA monomers. A joint venture is being planned y Mitsubishi Rayon with Saudi Basic Industries Corp to produce material used for acrylic glass.
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