Sumitomo to acquire Asahi Kasei Chemicals' PP compounding plant

Japan's Sumitomo Chemical plans to acquire the 40,000 tons PP compounding plant of Asahi Kasei Chemicals located at Havant near Portsmouth. Currently, Asahi Kasei holds 65% stake in the company and 35% is owned by Planesa, a Belgium-based holding company which coordinates the plastics operations of four Nichimen Group companies in Europe. AK & N has a 20,000 ton plant in Marseilles, France, which will also be included in the acquisition. The business that will be renamed Sumika Polymer Compounds Europe, will be a joint venture between Sumitomo holding 50% share holding, and Itochu Group and Toyo Ink Group, each holding 25% stake in the company. This expansion is part of a bid by Sumitomo to expand sales of polypropylene compounds in the Western automotive industry. Sumitomo and Toyo Ink are in the process of setting up Sumika Polymer Compounds America - a joint compounding business in USA. This business will run separately from Sumitomo's other US PP business, the Phillips Sumika Polypropylene Company (a 50:50 joint venture with Chevron Phillips Chemical Co).
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