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Mitsui, Sumitomo to Dissolve Polystyrene JV; Exit Business

7:43 AM MDT | April 13, 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 a 50% stake in the company. Japan Polystyrene is scheduled to permanently halt operations at its two plants by September. The plants are at Chiba and Osaka, Japan. Major Japanese PS customers have been shifting their production bases to overseas locations in recent years causing a big decline in demand...

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