Mitsubishi Gas Chemical Company, Inc. (hereafter referred to as MGC ; Head Office: Chiyoda-ku, Tokyo, Japan; President: Hideki Odaka), has transferred its xylene resin business to Fudow Co., Ltd. (traded on the Second Section of the Tokyo Stock Exchange and the Osaka Securities Exchange; President: Katsuaki Sato). Details are as follows.
- Reason for the transfer of operations
In order to increase sales of xylene resin, and in light of the need to further strengthen daily marketing activities and develop new customer relationships, MGC considered the possibility of expanding its network of sales offices. However, Fudow Co., Ltd. has a long history and extensive experience in the field of plastic molding compounds and molded parts, and already possesses eight sales offices throughout Japan and does business with more than a thousand companies.
Because xylene resin has a chemical composition similar to that of phenol resin, which Fudow has manufactured for many years, Fudow has unique advantages in terms of customer relations and market development capabilities. Consequently, MGC believes that its objectives can best be accomplished by transferring the xylene business to Fudow.
- Details of the transfer
- Scope of the transferred business
All business activities relating to the manufacture and sale of xylene resin
- Net sales of the transferred business
1,253 million yen (FY2002 figures)
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