TOKYO, Aug 23, 2016 - (JCN Newswire) - Showa Denko K.K. ("SDK"; TSE:4004), JX Nippon Oil & Energy Corporation (JX), and LyondellBasell Group (LYB) have reached final agreement concerning the sale/purchase of LyondellBasell's shares in SunAllomer Ltd. (SunAllomer), a joint venture company among the three parties for production and sale of polypropylene.
Specifically, SDK Sunrise Investment (SSI), owned by SDK and JX, will purchase LYB's 50% stake in SunAllomer effective August 31, 2016. After the acquisition, an absorption-type merger of SSI and SunAllomer will take place on November 1, 2016 with SunAllomer as the surviving company. The partnership between SunAllomer and LYB in various areas, including technology, marketing, and sales, will be maintained as at present.
For SDK and JX, the polypropylene business constitutes a key element in their olefin chains. Taking this opportunity of acquiring additional shares, the two companies will further strengthen cooperation with SunAllomer, thereby enhancing the competitive power of their polypropylene business.
Outline of SunAllomer Ltd.
Head office: 2-24, Higashi Shinagawa 2-chome, Shinagawa-ku, Tokyo
Representative: Naoki Nishikawa, President
Business line: Development, production and sale of polypropylene (PP) and PP-based advanced materials
Production capacity: 408 KT/Y(Oita: 281 KT/Y; Kawasaki: 127KT/Y)
Capital: 6,200 million yen
Establishment: June 1, 1999
Shareholders and ownership ratio:
- SDK Sunrise Investment: 50% (This company is owned 65% by SDK and 35% by JX.)
- LyondellBasell Group: 50%
Number of shares outstanding: 17,600,000
Settlement of accounts: December
Business results in the past three years
(in millions of yen, except net asset per share)
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Fiscal year 2013 2014 2015
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Total assets 38,264 37,790 30,625
Net assets 8,603 8,807 10,115
Net asset per share (488.84 yen) (500.41 yen) (574.74 yen)
Net sales 59,837 66,534 59,756
Operating income 127 382 2,234
Ordinary income 130 635 2,866
Net income 293 409 1,779
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