Completion of Transfer of 25% of Shares of Mitsubishi Engineering-Plastics Corporation and Reinforcement of Engineering Plastic Business in the MCG Group
April 3, 2023
The Mitsubishi Chemical Group (the MCG Group) announces that, as per the news release on February 8, 2022, it has transferred a 25% stake in Mitsubishi Engineering-Plastics Corporation (MEP) to Mitsubishi Gas Chemical Company, Inc. effective April 3, 2023. Concurrently, the MCG Group has acquired the high-value polycarbonate resin XANTAR™ and polybutylene terephthalate resin NOVADURAN™ businesses from MEP through an absorption-type demerger.
To strengthen its engineering plastic businesses, including XANTAR™ and NOVADURAN™, the MCG Group will establish an Engineering Plastic Department within the Polymers Division of Polymers & Compounds / MMA on April 3, 2023. We will also enhance our technology development capabilities by establishing a research and development center at Mitsubishi Chemical Corporation's Hiratsuka Plant. In addition, the MCG Group aims to provide faster technical services and accelerate business expansion by proactively leveraging its global network and capabilities.
Under the "Forging the future" management policy, the MCG Group has identified EV/Mobility as a focus market in the performance product segment, aiming to establish sustainable leadership positions. XANTAR™ and NOVADURAN™ are extensively used in electronic components such as battery cases and covers for electric vehicles (EVs) and sensors for advanced driver assistance systems (ADAS). Furthermore, the plant-derived bio-engineering plastic DURABIO™ has gained recognition for its plant-based properties and performance, including impact resistance and transparency. It is increasingly used in automotive interior and exterior parts. The MCG Group also pursues sustainability initiatives, such as the world's first commercialization of polycarbonate resin chemical recycling and exploring using recycled raw materials from the waste plastic oil conversion facility under construction at the Ibaraki Plant for engineering plastic products.
By globally expanding these businesses, the MCG Group will continue to supply high-value performance products and contribute to the realization of a sustainable society.
References
-“Notice on Restructuring to Strengthen Engineering Plastic Business,” dated February 8, 2022
https://www.m-chemical.co.jp/en/news/2022/__icsFiles/afieldfile/2022/02/08/mepeng.pdf
Equity stake in MEP after April 3, 2023:
Mitsubishi Gas Chemical Company, Inc.: 75%, Mitsubishi Chemical Corporation: 25%
-”Study on the World's First Commercialization of Polycarbonate Resin Chemical Recycling,” dated March 15, 2023
https://www.mcgc.com/english/news_release/01528.html
To strengthen its engineering plastic businesses, including XANTAR™ and NOVADURAN™, the MCG Group will establish an Engineering Plastic Department within the Polymers Division of Polymers & Compounds / MMA on April 3, 2023. We will also enhance our technology development capabilities by establishing a research and development center at Mitsubishi Chemical Corporation's Hiratsuka Plant. In addition, the MCG Group aims to provide faster technical services and accelerate business expansion by proactively leveraging its global network and capabilities.
Under the "Forging the future" management policy, the MCG Group has identified EV/Mobility as a focus market in the performance product segment, aiming to establish sustainable leadership positions. XANTAR™ and NOVADURAN™ are extensively used in electronic components such as battery cases and covers for electric vehicles (EVs) and sensors for advanced driver assistance systems (ADAS). Furthermore, the plant-derived bio-engineering plastic DURABIO™ has gained recognition for its plant-based properties and performance, including impact resistance and transparency. It is increasingly used in automotive interior and exterior parts. The MCG Group also pursues sustainability initiatives, such as the world's first commercialization of polycarbonate resin chemical recycling and exploring using recycled raw materials from the waste plastic oil conversion facility under construction at the Ibaraki Plant for engineering plastic products.
By globally expanding these businesses, the MCG Group will continue to supply high-value performance products and contribute to the realization of a sustainable society.
References
-“Notice on Restructuring to Strengthen Engineering Plastic Business,” dated February 8, 2022
https://www.m-chemical.co.jp/en/news/2022/__icsFiles/afieldfile/2022/02/08/mepeng.pdf
Equity stake in MEP after April 3, 2023:
Mitsubishi Gas Chemical Company, Inc.: 75%, Mitsubishi Chemical Corporation: 25%
-”Study on the World's First Commercialization of Polycarbonate Resin Chemical Recycling,” dated March 15, 2023
https://www.mcgc.com/english/news_release/01528.html
