Sumitomo Moves Forward With JV Projects Despite Profit Drops. (Markets: Financial/Asia-Pacific).(Sumitomo Chemical Company Ltd., Mitsui Chemical Co. joint venture)(Brief Article)(Statistical Data Included)

Chemical Market Reporter, December, 2001

SUMITOMO CHEMICAL Company and Mitsui Chemicals Inc. may establish their 50-50 joint venture polyolefins company, Sumitomo Mitsui Polyolefin Company, by April 2002 or even earlier. The merger was delayed in October this year after the Japan Fair Trade Commission (JFTC) declared that the deal might infringe upon the country's antimonopoly laws unless key changes were implemented.

Specifically, the JFTC asked Sumitomo and Mitsui to reduce the over 500 grades of polypropylene (PP) produced by the companies when combined. The commission also sought guaranteed compliance with antitrust laws, such as the companies' marketing team members being forbidden to join industrial associations and trade organizations, where price-fixing possibilities could occur. ...

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