-SKC Co., Ltd (Seoul, Korea, CEO：Jang Suk Park, “SKC”) and Mitsui Chemicals, Inc. (Tokyo: 4183, President & CEO: Tsutomu Tannowa, “MCI”) announced the signing of a joint venture agreement to consolidate the polyurethane material businesses of both companies.



SKC and MCI target to form the new joint venture company (“JVC”) by April 1, 2015 subject to completion of necessary procedures, such as the obtaining of relevant approvals and licenses.



The JVC is headed to be a global comprehensive manufacturer of polyurethane materials which provides value for customers and targets sales of US$2.0 billion per year around 2020.



Basic strategies of the JVC are as follows;



1. Satisfy customer needs in growing markets

The JVC will fully utilize the global network of SKC and MCI covering Far East Asia to China, ASEAN, Europe, and the Americas _ base_d on the close relationships with customers, and the provision of quick and efficient technical services.

2. Explore new businesses globally

The JVC will develop new applications and customers through consolidation of products and technologies of SKC and MCI.

3. Improve profitability

The JVC will secure global top cost competitiveness by optimizing resources/maximizing efficiency and taking advantage of parent company raw materials.



The JVC intends to maximize the synergy effects by integrating system product businesses. The knowledge and information accumulated by SKC and MCI over the years will be shared and utilized by the JVC to provide total solution to customers.



・Outline of Joint Venture Company