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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsui Chemicals, Inc.    4183   JP3888300005

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Mitsui Chemicals, Inc. : Mitsui Chemicals Decides to Withdraw from Keiyo Ethylene Co., Ltd.

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02/01/2013 | 07:40am CEST

Mitsui Chemicals, Inc. (Head Office: Tokyo, Japan; President & CEO: Toshikazu Tanaka) announced that it will withdraw from business operations of Keiyo Ethylene Co., Ltd. ("KEC"), a joint venture with Maruzen Petrochemical Co., Ltd. and Sumitomo Chemical Co., Ltd.

Mitsui Chemicals commenced equity participation (22.5%) in KEC in December 1995 as part of an effort to reinforce domestic olefin supply infrastructures through strengthening global competitiveness and operative scales. However, recent changes in the global ethylene market, such as improvement in supplies from new large-scale plants in the Middle East and China, and forecasted production increases from shale gas in the United States, has resulted in an urgent need to fundamentally restructure and reform domestic petrochemical business for industry sustainability.

Against this backdrop, ethylene production surplus is expected at facilities in the Ichihara (Chiba, Japan) area, where the country's ethylene plants are concentrated, and domestic production is expected to fall below 6 million tons a year. Mitsui Chemicals undertook ongoing studies of operations including continued participation in KEC with the two partners and their possible participation in the Ichihara ethylene center of Chiba Chemicals Manufacturing LLP (Limited Liability Partnership), an operative by Mitsui Chemicals and Idemitsu Kosan Co., Ltd.

Based on these studies, the three companies ---- Mitsui Chemicals, Maruzen Petrochemical, and Sumitomo Chemical ---- reached an agreement in which Mitsui Chemicals will withdraw from KEC by the end of fiscal 2014. The three companies will continue to discuss practical aspects and details of the withdrawal.

Mitsui Chemicals will further strengthen participation in the Chiba Chemicals Manufacturing LLP, as one of the Company's many efforts to restructure its petrochemical business, which includes products such as ethylene through to derivatives, and thereby sharpen its global competitive edge.

Mitsui Chemicals Decides to Withdraw from Keiyo Ethylene Co., Ltd. (PDF:29KB)

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Financials ( JPY)
Sales 2017 1 230 615 M
EBIT 2017 -
Net income 2017 37 236 M
Debt 2017 342 166 M
Yield 2017 2,11%
P/E ratio 2017 11,79
P/E ratio 2018 10,67
EV / Sales 2017 0,64x
EV / Sales 2018 0,61x
Capitalization 450 711 M
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Average target price 456  JPY
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Tsutomu Tannowa Executive President & Representative Director
Yoshito Ito IR Contact, Head-Finance & Accounting
Shigeru Isayama Director, Head-Research & Development
Hideki Matsuo Managing Executive Officer & GM-Technology
Yasuji Omura Representative Director & Executive Vice President
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