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Business

Sumitomo Venture To Close In Japan

by Michael McCoy
December 2, 2013 | A version of this story appeared in Volume 91, Issue 48
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Sumitomo Chemical will acquire LyondellBasell Industries’ stake in the firms’ Nihon Oxirane joint venture and then shut it down by 2015. The venture makes propylene oxide, propylene glycol, and styrene in Chiba, Japan. Sumitomo says the closure is due to declining demand in Japan and growing competition from China and the Middle East. Sumitomo earlier said it will close an ethylene plant in Chiba in 2015. The firm will continue to operate a plant at the site that makes propylene oxide without coproduct styrene.

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