Mitsui Chemicals, Inc. announced that the joint venture Mitsui Prime Advanced Composites Europe B.V. in the Netherlands will be set up in partnership with Prime Polymer Co., Ltd., and Mitsui & Co. Ltd.
65% shares in Prime Polymer is owned by Mitsui Chemicals, Inc. and 35 % shares of Idemitsu Kosan Co., Ltd.
Mitsui Prime Advanced Composites Europe B.V. (ACE) in the Netherlands will be the first European production base for polypropylene (PP) compounds to meet the increasing global demand for automotive-use PP.
The new company will be built with a capital investment of 18.4 million euros at Chemelot Industries Park, Limburg, the Netherlands. The new joint venture company with production capacity of 30,000 tons/year will start work in June 2018 and is expected to start its production by June 2020.
The ownership of the new joint venture company is shared by three companies: Mitsui Chemicals, Inc. (75%), Prime Polymer Co. Ltd. (10%) and Mitsui & Co. Ltd. (15%).
In addition to eight production bases located at Japan, the U.S., Mexico, Europe, Thailand, China, India and Brazil, Mitsui Chemicals Group has five research bases located at Japan, the U.S., Europe, Thailand, and China.
The company is continuing to increase its production systems, sales and R&D of PP compounds to achieve the reduction in the weight of the automobiles.
The demand for PP compounds is growing to reduce the weights in bumpers, instrument panels, and many other items. The light-weighting solutions offered by Mitsui Chemicals Group are accepted by the automotive manufacturers around the world, and European Market is also expecting the business expansion.