Mitsubishi Chemical Corp. is selling its acrylic sheet business in Europe to Schweiter Technologies AG (STAG), based in Steinhausen, Switzerland.
The 102 million euro deal includes the transfer of MCC's European acrylic sheet business operated by Lucite International UK Ltd., production site in Darwen, England, and Perspex Distribution Ltd., the local sales company for sheet manufactured by LIUK.
Lucite International became part of MCC in April 2017 when the company merged with Mitsubishi Plastics and Mitsubishi Rayon. LIUK was part of Mitsubishi Rayon.
After the merger, Lucite's acrylic sheet business was integrated into Mitsubishi Chemical's acrylic operations.
The U.K.-based operation had net sales of £126 million in 2017 and employs 330.
STAG is a leading European plastic sheet producer with a strong presence in the acrylic sheet business.
The Japanese materials supplier says the divestment of the business will enhance its partnership with STAG, based on a continued supply of MMA monomer.