GREER, S.C. — Mitsubishi Chemical Corp. said Oct. 2 that it completed the acquisition of Hoechst AG's interest in the two firms' Diafoil PET films joint venture.
Hoechst announced in April that it would leave the venture to focus on life sciences. The companies did not disclose terms of the deal.
Mitsubishi, now with with 375 million pounds of annual PET film capacity. claimed the purchase makes it second largest among global PET film producers. It predicted its PET films business will have annual sales of more than $600 million.
The company will run PET film plants under its ownership in Greer; Wiesbaden, Germany; Santo and Nagahama, Japan; and Merak, Indonesia.
Mitsubishi Chemical was formed in 1994 through the merger of Mitsubishi Kasei Corp. and Mitsubishi Petrochemical Co. Ltd. Its sales for the year ended March 30 were $13 billion.