Sumitomo, Takeda form ag chemicals venture. (News).(Japan's largest drug manufacturer forms joint venture with Sumitomo Chemical Company Ltd.)(International Pages)(Brief Article)

Chemical Market Reporter, August, 2002

SUMITOMO CHEMICAL Company Ltd. and Takeda Chemical Industries Ltd. have formed a joint venture in agrochemicals, Sumika Takeda Agrochemical Company Ltd. The new company will be based in Tokyo and operate as a joint venture company for five years. Sumitomo Chemical will then acquire all of the shares of Sumika held by Takeda. Sumitomo will initially hold 60 percent of the shares in the new company, and Takeda will own the rest.

Sumika will launch operations in November. It is being capitalized at roughly [yen]10 billion ($83 million) and is projected to post sales of [yen]30 billion to [yen]36 billion in its first year of operation. In 2001, Takeda's agricultural chemicals business posted revenues of [yen]37 billion.

Takeda is considered Japan's...

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