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SABIC/GE Deal Reshaping Japanese Ventures

24 Aug

 http://www.prw.com/homePBP_NADetail_UP.aspx?ID_Site=818&ID_Article=17524&mode=1&curpage=0

GEP reshapes Japanese ventures

23/08/2007

By John Whitehead

Polycarbonate will be supplied from US and Europe.

23 August 2007 – The structure of the two GE Plastics partnerships in Japan, with Mitsui Chemicals and Nagase, is being changed in the wake of the takeover by Sabic.

At GE Plastics Japan, GE has bought out its partners, taking a 100% stake in the venture in a move which involves the closure of the Chiba plant, located within Mitsui’s Ichihara Works.

In the second part of the changes announced today, GE has raised its stake in the GEM PC jv to 58% by buying out the share held by trading and marketing partner Nagase. GEMPC will then continue to produce polycarbonate resins under joint GE and MCI ownership until March of next year when it will cease trading and be liquidated.

GEPJ will then supply Lexan polycarbonate from GE’s other global polycarbonate plants in the US and Europe.

“As we look to simplify our global business and fully leverage our leading global polycarbonate asset base, this transaction makes a lot of sense for use. This move will improve our global cost position for the Lexan business,” says Brian Gladden, GE Plastics ceo.

Sabic’s $11.6bn takeover of GE Plastics is scheduled for completion during the third quarter, when it will be renamed Sabic Innovative Plastics.

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Posted by on August 24, 2007 in The Business

 

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