Mitsubishi to Sell Stake in Polystyrene Joint Venture; Exit Business

Asahi Kasei Chemicals (AKC), an Asahi Kasei subsidiary, confirming an earlier report by CW, says that Mitsubishi Chemical will transfer its shares in PS Japan (Tokyo), a polystyrene (PS) joint venture among AKC, Idemitsu Kosan, and Mitsubishi, to the jv partners. The move will mark the exit of Mitsubishi from the PS business, Mitsubishi tells CW. “Mitsubishi Chemical estimates that the demand for PS in Japan is poor, and that we does not have the power to survive in this business,” a Mitsubishi spokesperson says. The share transfer is expected to be...

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