Posted in | Business | Petrochemicals

Mitsui and Sumitomo to Dissolve Joint Venture

Mitsui Chemicals and Sumitomo Chemicals will dissolve their Sumitomo Mitsui Polyolefins Co., joint venture on October 1.

The joint venture formed in 2002 had capacity to produce 1.33 million tonnes of polyethylene and 1.65 million tonnes of polypropylene.

Plans for the two companies to merge earlier this year were abandoned after they failed to agree on share swapping terms.

Subsequent to the dissolution of the joint venture, staff from the joint venture will return to the company from which they came, as will marketing and research functions.

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