Company News
October 8, 2021
MGC to Expand Production of MXDA
Mitsubishi Gas Chemical Announces Expansion of MXDA Production
September 29, 2021
Mitsubishi Gas Chemical Company, Inc. (MGC; Head Office: Chiyoda-ku, Tokyo; President: Masashi Fujii) is pleased to announce expansion of Meta-xylenediamine (MXDA) production in Europe.
MGC is expanding its production capacity of MXDA to meet the market growth in the epoxy, polyamide and isocyanate sector. MGC will be constructing a 25,000 MTA plant in Rotterdam through its newly established subsidiary, MGC Specialty Chemicals Netherlands B.V. The new plant is scheduled to start its operation in mid-2024.
MGC has just started off its 3-year management plan ‘Grow UP 2023’ this April and aims to shift to a profit structure more resilient to environmental changes. MXDA is internally defined as a “differentiating” business, to which the company will proactively allocate its resources to further strengthen its competitive advantage.
MXDA is mainly used in epoxy coatings for infrastructure applications due to its excellent anticorrosion properties, and a long-term growth in the market is expected. The new plant will be located in Rotterdam to mainly meet the demand in Europe, which is the largest market for MXDA in this sector. With the establishment of the new manufacturing subsidiary, the MGC Group will be able to strengthen its business continuity plan (BCP) and ensure the stable supply of MXDA worldwide.
The two existing plants in Japan will be in full operation until the start-up of the new plant, and will continue to serve the fast growing markets in Asia.
(1)Company Name MGC Specialty Chemicals Netherlands B.V.
(2)Location Rotterdam, Kingdom of the Netherlands
(3)Managing Director Mr. Masatoshi Sato
(4)Establishment *January 2021
(5)Business Content Manufacture and Sales of MXDA
(6)Start of Manufacturing July 2024 (scheduled)
(7)Capacity 25,000 MTA
(8)Ownership Ratio MGC 100%
(9)Capital 1.67 million Euro
Capital increase to 85.27 million Euro scheduled for November 2021
*) Established for the purpose of initial investigation. After the capital increase scheduled for November 2021, it will become a manufacturing subsidiary.
October 8, 2021
MCNS to Dissolve
Mitsui / SKC: PU raw materials joint venture to be terminated
On 30 September 2021, Mitsui Chemicals, Inc. and SKC Co., Ltd. announced plans to dissolve their joint venture agreement for Mitsui Chemicals & SKC Polyurethanes Inc. (MCN), a subsidiary that combines the two parent companies’ operations in polyurethane raw materials.
The two companies established MCNS in July 2015 as a joint venture for their operations in polyurethane raw materials. The partners said they have since endeavoured to maximise synergy in their joint operations here in an effort to capture demand in growth markets, roll out new operations across the globe and improve profitability.
According to the companies, discrepancies have started to arise between Mitsui Chemicals’ policy of steadily improving earnings through the likes of high-performance products and bio-products and SKC’s policy of quickly expanding global market in scale. This has then prompted both companies to take another thorough look at how they should be running their operations in this field. The parties have determined that it would be beneficial for each company to run its own operations in line with its specific strategy, if both companies are to further grow their businesses.
The dissolution is scheduled to occur at the end of December 2021. On 1 January 2022, operations of the Japanese entity MCNS-J will re-launch as the Polyurethane Division, Basic Materials Business Sector, of Mitsui Chemicals. In March 2022, Mitsui will transfer shares in the South Korean entity MCNS to reduce paid-in capital, and the liquidation of MCNS-J will be completed.
Going forward, customers will continue to receive their stable supply of products from either Mitsui or SKC.
October 8, 2021
MCNS to Dissolve
Mitsui / SKC: PU raw materials joint venture to be terminated
On 30 September 2021, Mitsui Chemicals, Inc. and SKC Co., Ltd. announced plans to dissolve their joint venture agreement for Mitsui Chemicals & SKC Polyurethanes Inc. (MCN), a subsidiary that combines the two parent companies’ operations in polyurethane raw materials.
The two companies established MCNS in July 2015 as a joint venture for their operations in polyurethane raw materials. The partners said they have since endeavoured to maximise synergy in their joint operations here in an effort to capture demand in growth markets, roll out new operations across the globe and improve profitability.
According to the companies, discrepancies have started to arise between Mitsui Chemicals’ policy of steadily improving earnings through the likes of high-performance products and bio-products and SKC’s policy of quickly expanding global market in scale. This has then prompted both companies to take another thorough look at how they should be running their operations in this field. The parties have determined that it would be beneficial for each company to run its own operations in line with its specific strategy, if both companies are to further grow their businesses.
The dissolution is scheduled to occur at the end of December 2021. On 1 January 2022, operations of the Japanese entity MCNS-J will re-launch as the Polyurethane Division, Basic Materials Business Sector, of Mitsui Chemicals. In March 2022, Mitsui will transfer shares in the South Korean entity MCNS to reduce paid-in capital, and the liquidation of MCNS-J will be completed.
Going forward, customers will continue to receive their stable supply of products from either Mitsui or SKC.
October 8, 2021
Feels Like the 80s
Recticel acknowledges the approval by the FSMA of the prospectus of Greiner
Occasional information, Brussels, 06/10/2021 — 19:27 CET, 06.10.2021
The Board of Directors has received notice from the FSMA that it has approved the prospectus of Greiner AG in relation to its unsolicited voluntary public takeover bid on the outstanding shares of Recticel for EUR 13.50 per share in cash.
Recticel remains of the view that the bid of Greiner does not address the position and legitimate interests of all stakeholders, and in addition substantially undervalues the company. The Board of Directors has commissioned a fairness opinion with KBC Securities NV and meanwhile has received a fairness opinion letter of KBC Securities NV stating its opinion that the announced bid price of EUR 13.50 per share offered by Greiner under the voluntary tender offer is not fair to the shareholders of the Company from a financial point of view.
Recticel continues to actively review its strategic alternatives taking into account the interest of all stakeholders.
The Board of Directors of Recticel will review the approved prospectus and react with a response memorandum within the appropriate time frame.
https://www.recticel.com/recticel-acknowledges-approval-fsma-prospectus-greiner.html
October 8, 2021
Feels Like the 80s
Recticel acknowledges the approval by the FSMA of the prospectus of Greiner
Occasional information, Brussels, 06/10/2021 — 19:27 CET, 06.10.2021
The Board of Directors has received notice from the FSMA that it has approved the prospectus of Greiner AG in relation to its unsolicited voluntary public takeover bid on the outstanding shares of Recticel for EUR 13.50 per share in cash.
Recticel remains of the view that the bid of Greiner does not address the position and legitimate interests of all stakeholders, and in addition substantially undervalues the company. The Board of Directors has commissioned a fairness opinion with KBC Securities NV and meanwhile has received a fairness opinion letter of KBC Securities NV stating its opinion that the announced bid price of EUR 13.50 per share offered by Greiner under the voluntary tender offer is not fair to the shareholders of the Company from a financial point of view.
Recticel continues to actively review its strategic alternatives taking into account the interest of all stakeholders.
The Board of Directors of Recticel will review the approved prospectus and react with a response memorandum within the appropriate time frame.
https://www.recticel.com/recticel-acknowledges-approval-fsma-prospectus-greiner.html
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