The Urethane Blog
October 8, 2021
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
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
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
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
Asia ADA markets face supply uncertainty amid China’s dual control policy
Author: Jasmine Khoo
2021/10/07
SINGAPORE (ICIS)–Asia’s adipic acid (ADA) markets face supply uncertainty amid operating rate cuts in China due to the dual control policy. Volatility in the feedstock benzene markets has also put pressure on ADA production. Firm pricing in the related methylene diphenyl diisocyanate (MDI) markets has also dented ADA buyers’ confidence. In the seasonal downstream lull, buyers have also remained on the sidelines due to a lack of buying urgency.
- Feedstock benzene exerts pressure on ADA amid gains
- Seasonal lull plagued cargo uptake in Asia in Q3
- Asia MDI supply snug on planned maintenance
In this podcast, Jasmine Khoo speaks with editor Zhi Xuan Ho about recent developments in the Asian ADA market.
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