MOSCOW (MRC) -- Mitsubishi Chemical Holdings Corp. (MCHC) has unveiled plans for an absorption-type split-off of the existing operations of its wholly-owned Mitsubishi Chemical Corp. (MCC) and Mitsubishi Plastics Inc. (MPI) subsidiaries, reported Apic-online.
With effect from 28 Mar. 2016, the rights and obligations of MCC and MPI will be centralized as a unit of MCHC as the succeeding company to be led by Hitoshi Ochi as president and chief executive.
Since the split involves wholly-owned subsidiaries, there will be no compensation to MCC and MPI.
MCHC in December said it planned to integrate MCC, MPI and Mitsubishi Rayon through a merger in April 2017, with Mitsubishi Rayon as the merging company. No mention of Mitsubishi Rayon was made in MCHC's most recent announcement.
As MRC wrote before, in October 2014, Mitsubishi Gas Chemical Co. told "PetroChemical News" (PCN) that it has decided to discontinue its purified terephthalic acid (PTA) business. Mitsubishi currently operates a 260,000-t/y PTA plant at Mizushima, Japan, through its Mizushima Aroma joint venture with Toyobo Co.
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.