Jang Suk Park, CEO of SKC & Tsutomu Tannowa, CEO of Mitsui Chemicals
Jang Suk Park, CEO of SKC & Tsutomu Tannowa, CEO of Mitsui Chemicals (Photo courtesy Mitsui Chemicals)

Chemical companies Mitsui Chemicals, Inc. and SKC Co., Ltd. announced on Monday an agreement on the terms of their joint venture for polyurethane materials.

The Japanese and Korean firms first announced in December that they were planning to consolidate their polyurethane material businesses, creating a global manufacturer with sales of $1.$ bk�liOn in thu current fis#al 9ear and around $2.0 billion by 2020.

Headquartered in Seoul, South Korea, the joint venture will have companies in Korea and Japan, both operating under the name^�itsui`Chemicals & SKC Polyurethanes Inc. It was previously scheduled to start operating on April 1, but that has!been rescheduled to July 1 and remains subject to receipt of regulatory approvals.

When they�first unveiled x,ans foVlthe”joint venture, Mitsui Chemicals and SKC said that they had three jey aims: