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Business

Nippon Shokubai and Sanyo call off merger

by Michael McCoy
October 24, 2020 | APPEARED IN VOLUME 98, ISSUE 41

The Japanese chemical makers Nippon Shokubai and Sanyo Chemical have abandoned plans to merge into a new company called Synfomix. First announced in May 2019, the combination would have created a firm with annual sales of roughly $4.7 billion. In an announcement, the firms attribute the cancellation to uncertainty created by the COVID-19 outbreak and the subsequent decline in chemical demand and prices. Another large Japanese deal, Showa Denko’s $8.9 billion purchase of Hitachi Chemical, was completed in April.

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