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Business
Mitsui, Sumitomo To Close Joint Venture
by Alexander H. Tullo
April 13, 2009
| A version of this story appeared in
Volume 87, Issue 15
Mitsui Chemicals and Sumitomo Chemical are dissolving their Japan Polystyrene resins joint venture. The partners blame rising raw material costs and a shift of polystyrene demand to locations outside Japan. Japan Polystyrene plants in Osaka and Chiba, with a combined capacity of 242,000 metric tons per year, will run until September, after which the partners will reassign the 60 affected workers elsewhere. Polystyrene competitors such as the Ineos Nova partnership and BASF have also cut back polystyrene production in the face of the economic downturn.
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