Mitsui and Takeda to form urethanes JV

TOKYO (Sept. 28)—Mitsui Chemicals Inc. and Takeda Chemical Industries Ltd. plan to merge their urethanes and composite materials businesses into a joint venture, which, they say, will be the largest urethanes supplier in Asia. Called Mitsui Takeda Chemicals Inc., the Tokyo-headquartered venture is expected to reach sales of more than $1 billion in its first fiscal year beginning April 2001, the companies said. Under the arrangement, which is subject to approval by the Japanese Fair Trade Commission, Mitsui will take over Takeda´s 49-percent share in the venture within five years of its launch. Mitsui Takeda will have annual capacities of 175,000 metric tons of toluene diisocyanate; 60,000 tons of methylene diphenyl diisocyanate; 135,000 tons of polypropylene glycol; and 30,000 tons of urethane derivatives.