SKC and Mitsui Chemical are set to finally launch the polyurethane joint-venture company whose foundation have been promoting for some time now on July 1. They previously planned to launch the joint-venture on April 1 of this year, but postponed it to July 1 due to a deferral of the declaration of the business combination related to its foundation.

The new joint-venture company, named Mitsui Chemicals & SKC Polyurethanes Inc., will be _ base_d in Seoul, Korea, and will be operated jointly by CEO Won Gi-don, currently in charge of SKC’s Chemicals Division, and Ishimaru Hiroyasu, currently in charge of Mitsui Chemicals’ Urethane Division.

SKC and Mitsui Chemicals signed an agreement on December 22, 2014 to found a polyurethane joint-venture company with US$1.1 billion of assets. The two sides will concentrate their resources on helping the joint-venture company to earn and consolidate a reputation as a global top-tier p in the polyurethane business. Starting out with an annual production capacity of 720,000 tons, the newly organized joint-venture company plans to achieve annual sales of US$1.5 billion and US$2.0 billion in 2015 and 2020, respectively.