MITSUBISHI CHEMICAL
Japanese supplier divests Indonesian PTA business / Deal follows decision to shift focus
Mitsubishi Chemical Group (Tokyo, Japan; www.mcgc.com/english) has announced the sale of its 99% stake in pure terephthalic acid manufacturing operation Mitsubishi Chemical Indonesia to Lintas Citra Pratama for an undisclosed sum.
 Sailing away, at least from this venture (Photo: Mitsubishi Chemical) |
There is also a minority shareholder in Mitsubishi Chemical Indonesia, Lintas Buana.
Related: Mitsubishi considers increasing POM production in China
Mitsubishi said that while Indonesia’s PTA market and business had been “stable and strong”, it wanted to pursue other strategic directions. Following an approach by affiliates of Lintas Citra Pratama to take on the operation and commercialise paraxylene, the main raw material for PTA, across South East Asia, the deal was done.
The former subsidiary’s facility in Kota Cilegon has a PTA production capacity of 660,000 t/y. In the fiscal year to March 2023, Mitsubishi Chemical Indonesia, which was established in 1991, reported sales revenues of USD 455 mn (EUR 416 mn) and net income losses before tax of US 4 mn.
10.01.2024 Plasteurope.com [254352-0]
Published on 10.01.2024