Shin-Etsu Doubles Down On Japan Vinyl

Five Japanese chemical makers have finalized an agreement allowing three of them to exit two collectively owned ventures, which will become majority owned by Shin-Etsu Chemical. The two ventures produce the polyvinyl chloride raw materials chlorine and vinyl chloride. At present, Mitsubishi Chemical, Shin-Etsu, Asahi Glass, Adeka, and Kaneka each own as much as 50% of the ventures. Under the new agreement, Shin-Etsu will own 80% of one and 70% of the other. Mitsubishi will be the only other shareholder. In its latest financial results, Shin-Etsu noted that its Japanese vinyl business is struggling.