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Asahi Kasei Chemicals and Daiso Dissolves JV

Tokyo, Mar 12, 2012 (JCN) - Daiso Co. Ltd and Asahi Kasei Chemicals Corp. have agreed to dissolve their joint venture (JV) for the production and sale of chlorine and caustic soda, Okayama Chemical Co. Ltd, as of April 1, 2012. After its dissolution as a JV, Okayama Chemical will continue operating as a wholly owned subsidiary of Daiso.

Established in December 1968 as a 50/50 joint venture to supply chlorine and caustic soda to its parent companies Daiso and Asahi Kasei Chemicals, Okayama Chemical started production in August 1970 within the Mizushima chemicals complex in Kurashiki, Okayama, Japan. Recent changes in the operating climate led its two shareholders to the determination that the business would be best managed independently, with each party focusing exclusively on its own respective management strategy. Based on this understanding, an agreement was concluded whereby Asahi Kasei Chemicals will transfer its shares in Okayama Chemical to Daiso as of April 1, 2012.

Assuming full ownership of Okayama Chemical as a subsidiary, Daiso will swiftly formulate the optimal structure to further strengthen its chlorine and caustic soda operation. Asahi Kasei Chemicals, on its part, will independently reinforce its business configuration for basic chemical products.

By Saroj Shrestha Staff Writer

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