MOSCOW (MRC) -- Mitsubishi Gas Chemical Co. has told "PetroChemical News" (PCN) that it has decided to discontinue its purified terephthalic acid (PTA) business, reported GV.
Mitsubishi currently operates a 260,000-t/y PTA plant at Mizushima, Japan, through its Mizushima Aroma joint venture with Toyobo Co.
A spokesperson at Mitsubishi, when asked for the reason behind its decision to quit the PTA business, said "we cannot anticipate improvement of the profit without global oversupply." The company is "now examining" when to exit the business, he added.
We remind that, as MRC informed earlier, in April 2013, Mitsubishi Chemical has purchased all of the assets related to Comtrex's compounding business. The acquisition of the Comtrex business is expected to help MCC speed up the expansion of its performance polymers business through its networks across the world. Having been engaged in the PVC compounding business for more than 30 years, Comtrex started developing a line of vulcanized thermoplastic elastomers (TPV) in 2000 and selling the product in 2002.
Mitsubishi Chemical with headquarters in Tokyo, Japan, is a diversified chemical company involved in petrochemicals, polymers, agrochemicals, speciality chemicals and pharmaceuticals. The company's main focus is on three business pillars: petrochemicals, performance and functional products, and health care.