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Mitsui and Sumitomo to Dissolve Polystyrene JV and Exit the Business

3:43 AM MDT | April 2, 2009 | Deepti Ramesh

Mitsui Chemicals and Sumitomo Chemical say they have decided to dissolve their Japan Polystyrene (Tokyo) joint venture, and exit the polystyrene (PS) business, due to poor demand for PS. Japan Polystyrene was established in 1997 and Mitsui and Sumitomo each have 50% stake in it. Japan Polystyrene will stop operating its two plants at Osaka and Chiba, Japan by September 2009, after which the company will be dissolved. “The increasing shift of major Japanese PS customers’ production bases to overseas locations and the sharp rises in feedstock prices in...

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