MOSCOW (MRC) -- The Board of Directors of Asahi Kasei Corporation (Asahi Kasei) has approved a transformation of the corporate configuration in which Asahi Kasei, currently a holding company, is to become an operating holding company through the absorption of three of its core operating companies, Asahi Kasei Chemicals, Asahi Kasei Fibers, and Asahi Kasei E-materials, on April 1, 2016, said the producer on its site.
Since this is scheduled to be a short-form absorption-type merger through the absorption of consolidated subsidiaries, some items and details have been partially abridged in the disclosure.
Under the company's new strategic management initiative which will begin in fiscal 2016, the Asahi Kasei Group’s current four business sectors will be changed to the three business sectors of Materials (currently Chemicals & Fibers and Electronics), Homes (currently Homes & Construction Materials), and Health Care, in order to pursue further growth by improving portfolio management through the optimum allocation of management resources while creating synergy among different business sectors.
In accordance with the change in the corporate configuration, Asahi Kasei Chemicals, Asahi Kasei Fibers, and Asahi Kasei E-materials will be absorbed into Asahi Kasei, forming the Materials business sector. This change will help the company to enhance its corporate value by enabling greater efficiency and more powerful combinations among different business sectors.
The merger will not involve any allocation of shares or other assets.
As MRC informed before, Asahi Kasei Chemical is likely to shut its styrene monomer (SM) plant in Japan for maintenance turnaround in mid-September 2015. It is likely to remain off-stream for around one month. Located at Mizushima in Japan, the plant has a production capacity of 390,000 mt/year.
Asahi Kasei Corporation is a global Japanese chemical company. Its main products are chemicals and materials science.
MRC