Kuraray Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Yasuaki Wakui; below, "Kuraray") and Mitsui Chemicals, Inc. (Headquarters: Minato-ku, Tokyo; President: Kenji Fujiyoshi; below, "Mitsui Chemicals") agreed on July 15 to terminate their relationship with regard to Kyodo Monomer Co., Ltd. (below, "Kyodo Monomer"). Kyodo Monomer was established through a fifty-fifty joint venture of Kuraray and Mitsui Chemicals, to manufacture methyl methacrylate (MMA) monomer, a raw material for the production of methacrylic resin(*1). Kuraray will transfer to Mitsui Chemicals its entire stock holding in Kyodo Monomer, which will become a wholly owned subsidiary of Mitsui Chemicals.
In 1988, Mitsui Toatsu Chemicals, Inc.(*2) and Kyodo Gas Chemical Co., Ltd.(*3) and established Kyodo Monomer as an equally funded joint venture. Kyodo Monomer commenced operations in 1991, and produced MMA monomer for the next 14 years.
September 30, 2005
|1. Business activities||manufacturing and sale of methyl methacrylate monomer|
|2. Headquarters||Minato-ku, Tokyo|
|3. Capitalization||¥400 million|
|4. Ownership||Kuraray, 50%; Mitsui Chemicals, 50%|
|5. President||Toshikazu Tanaka (also vice-president of Mitsui Chemicals)|
|6. Number of employees||20 (all seconded from Mitsui Chemicals)|
|7. Manufacturing facilities|| (1) Location of plant: Takaishi city, Osaka (on the site of Mitsui Chemicals' Osaka Works) |
(2) Production capacity: 40,000 tons per year