Mitsubishi Chemical divests European acrylic sheet business
Mitsubishi Chemical Corp. is selling its acrylic sheet business in Europe to Schweiter Technologies AG(STAG), headquartered in Steinhausen, Switzerland.
The 102 million euro deal includes the operation of Mitsubishi Chemical's European acrylic sheet business by British Lucite International LTD., which has its manufacturing base in the British town of Darwin and its local sales company is Perspex Distribution.
Lucite International merged with Mitsubishi Plastics and Mitsubishi Rayon in April 2017 to become part of Mitsubishi Chemical. Lucite UK is part of Mitsubishi Rayon.
After the merger, Lucite's acrylic sheet business was merged into Mitsubishi Chemical's acrylic business.
Its UK business had net sales of 126 million pounds in 2017 and employs 330 people.
STAG is Europe's leading producer of sheet plastics and has a significant presence in the acrylic sheet business.
The Japanese material supplier said the divestment of the business would enhance its partnership with STAG based on the continued supply of MMA monomers.