TOKYO—Zeon Corp. and Sumitomo Chemical Co. have completed the transfer of their solution styrene-butadiene-rubber businesses to ZS Elastomers Co. joint venture, Zeon said in a Feb. 28 press release.
The two Japanese chemicals suppliers announced Dec. 2 that they had decided to set up the JV to consolidate their SSBR businesses after carrying out the necessary investigations.
"Subsequently the relevant internal authorizations at the respective companies as well as approvals by legal authorities have been completed," the Feb. 28 statement added.
ZS Elastomers Co. Ltd. is to be based in Chiyoda-ku, Tokyo, and will be 60 percent owned by Zeon and 40 percent owned by Sumitomo Chemical.
According to Zeon the ZSE venture will be formally launched April 1.
The Japanese companies launched a feasibility study for the SSBR venture in August. The study, according to Zeon, found that the merger would generate synergies, in terms of meeting increased demand for the material in fuel-efficient tires and addressing growing competition in the market.
The partnership, the two companies said, also accelerate new product development to meet customer needs, improve cost competitiveness and secure stable product supply.