EU Okays Merger
EC clears PU joint venture planned by Mitsui Chemicals and SKC
The European Commission (EC) has approved, under the European Union Merger Regulation, the proposed polyurethanes materials joint venture between Mitsui Chemicals Inc. and SKC, a subsidiary of SK Holdings Co. Ltd.
As planned, Mitsui and SKC will each hold a 50 % interest in the venture, which will be named Mitsui Chemicals and SKC Polyurethanes Inc., and headquartered in Seoul, South Korea. It will operate in both South Korea and Japan.
The venture, expected to begin operations on 1 July 2015, will include the production of toluene diisocyanate, diphenylmethane diisocyanate and polyols, with a total capacity of 720,000 t/y.
The EC concluded that there are no overlaps between the parent companies’ activities in the European Economic Area and therefore the proposed venture would raise no competition concerns.
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