TOKYO: Mitsui and Co Ltd has set up an auto parts joint venture in Tokyo with Scientex Polymer Sdn Bhd, a Malaysian chemical manufacturer, the Nihon Keizai Shimbun reported, citing sources close to the deal.
Capitalised at 200 million yen, Scientex Polymer Japan was owned 49% by Mitsui, it said.
The new company produced and exported products to other parts of Asia, it said.
The venture had acquired the car mat operations of Yamato Chemical Industry Co, a Mitsui subsidiary, for several hundred million yen, the company said.
For the time being, the company would use plants in Malaysia and Vietnam formerly owned by Yamato Chemical as its main production bases, it said.
The venture would set up a plant in China in the near future to enter the local market, it said.
The firm aimed for annual sales of 3 billion yen in three years, compared with the Yamato Chemical unit's latest yearly sales of 1 billion yen, it said. – AFX
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