According to Yonhap News,

(SEOUL=Yonhap News) SK Chemicals announced July 1 the launch of a joint venture between itself and Mitsui Chemicals called Mitsui Chemicals & SKC Polyurethanes Inc (MCNS). The two companies agreed to establish MCNS last December.

MCNS, which has an asset value of USD 1.1 billion, will be jointly managed by the two companies, as they each own 50 percent of the share via investment in kind.

MCNS, headquartered in Seoul, has integrated SK Chemicals’ polyol and system products and Mitsui Chemicals’ polyol, MDI, TDI and system products. It has a total polyurethane production capacity of 720,000 tons (280,000 tons of polyol +200,000 tons of MDI + 120,000 tons of TDI + 120,000 tons of system products).

Polyurethane, the industrial raw material used in automobile interior materials, refrigerators, ship insulation, architectural materials and synthetic resins, is likely to see 5-7 percent annual growth in the Asian market.

MCNS aims to become the world’s leading polyurethane producer by building 15 production bases in 9 countries, including Mexico, Russia and the Middle East.

MCNS will increase its customers and technology level through the sharing of research and development activities and production technologies between SK Chemicals and Mitsui Chemicals.

pdhis959@yna.co.kr

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