TOKYO—Eneos Corp. is acquiring full ownership of its Eneos MOL Synthetic Rubber Ltd. (EMSR) joint venture with Hungarian partner MOL Group.
"We have signed an agreement with MOL to acquire all the shares in EMSR and make it a wholly owned subsidiary of our company," Eneos said in a Dec. 2 statement.
EMSR operates a plant for the production of solution polymerized styrene-butadiene rubber (SSBR) in Hungary.
The group described SSBR as an "indispensable" material in the manufacture of fuel-efficient, high-performance tires, particularly for tread compounds.
Eneos also produces the rubber at its site in Yokkaichi, Japan, as well as at its overseas manufacturing base in Thailand.
The group gained its holding in the EMSR joint venture with the purchase of JSR Corp.'s elastomers business in April 2022.
As a 49 percent shareholder in EMSR, MOL primarily was responsible for the supply of raw materials and utilities to the JV in Hungary.
The deal follows an assessment of the business following disruptions, particularly due to the COVID-19 pandemic and Russia's war on Ukraine.
"In order to respond quickly to rapid changes in the (trading environment), the two companies examined their future business structure," Eneos said. "As a wholly owned subsidiary of the company, EMSR will further strengthen cooperation with group companies."
Eneos went on to say that it would "further expand our SSBR business in the European area," adding that MOL will continue to supply raw materials to the unit.
"We will continue to maintain a good relationship and cooperate with each other in the future," Eneos said.
