Entity

Asahi Kasei Corporation (Head office: Chiyoda-ku, Tokyo; President: Toshio Asano) and its wholly owned subsidiary Asahi Kasei Chemicals Corporation (Head office: Chiyoda-ku, Tokyo: Yuji Kobayashi), and Mitsubishi Chemical Holdings Corporation (Head office: Chiyoda-ku, Tokyo; President: Hitoshi Ochi) and its wholly owned subsidiary Mitsubishi Chemical Corporation (Head office: Chiyoda-ku, Tokyo; President: Hiroaki Ishizuka) today announced the appointment of the following representatives of Asahi Kasei Mitsubishi Chemical Ethylene Corporation, which was announced in the press release titled “Establishment of a Joint Venture for Operation of Unified Naphtha Cracker in Mizushima” on May 28, 2015. (Source)

In 2016, Asahi Kasei closed its own 500,000-ton-per-year ethylene cracker at Mizushima and consolidated operations into the Mitsubishi Chemical cracker at the same site. Asahi Kasei then became a 50-50 partner in Mitsubishi’s facility, now called Asahi Kasei Mitsubishi Chemical Ethylene. This move was part of a broader industry trend in Japan to improve efficiency and profitability by reducing excess capacity and uniting operations among major players. (Source)

Outline of the new Joint Venture, May 28, May 2015

• Name: Asahi Kasei Mitsubishi Chemical Ethylene Corporation
• Start of operation: April 1, 2016
• Head office: Tokyo, Japan
• Paid-in capital: ¥2 billion, (Shareholding ratio: Mitsubishi Chemical 50%, Asahi Kasei Chemicals 50%)
• Sales: Approximately ¥160 billion
• Business line: Manufacture of basic petrochemicals for sale to its parent companies; procurement of feedstocks