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| May 10, 2006 |
| Mitsubishi Rayon Co., Ltd. |
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Contract Concluded on Establishment of
MMA Joint Venture in South Korea
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Mitsubishi Rayon and the Korean company Honam Petrochemical Corporation signed a contract at the latter's head office in Seoul to establish a joint venture in June for the production and sale of methyl methacrylate (MMA) monomer and polymers.
Mitsubishi Rayon has long intended to move into the South Korean market, where demand for MMA materials by the IT sector rivals that of China.
Honam Petrochemical has an annual production capacity of 50,000 tons of MMA monomer. The joint venture will give Honam Petrochemical the means to boost its monomer output and thus meet the vigorous demand from users in the IT sector, while also enabling it to expand into the production of polymers for IT applications. |
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| Profile of Planned Joint Venture |
| 1. |
Name: DAESAN MMA CORP. |
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| 2. |
Location: South Korea |
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Representative Director & CEO: not yet decided |
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Establishment: Scheduled for June 2006 |
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Start of production: |
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| ·By the end of the second quarter of 2008 for MMA polymers (resin molding materials), with annual production capacity of 40,000 tons |
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| ·By the end of the fourth quarter of 2008 for MMA monomer, with annual production capacity of 90,000 tons |
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| 6. |
Equity stakes: Mitsubishi Rayon: 50%
Honam Petrochemical Corporation: 50% |
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| For further inquiries, please contact: |
| Public and Investor Relations Office |
| e-mail:
koho@mrc.co.jp |
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