Formation of Mitsui Chemicals Polyurethanes, Inc.

03-09-2006: According to the company, Mitsui Takeda Chemicals, Inc. (MTCI), a joint venture company established in April 2001 by Mitsui Chemicals, Inc. (MCI) and Takeda Chemical Industries, Ltd. (Takeda), has built a strong position as a leading company in urethane and urethane derivatives in Asia.

In accordance with the agreement signed when MTCI was established, MCI will purchase Takeda's equity interest of 49% in MTCI on April 1, 2006. MTCI will become a wholly owned MCI subsidiary as a result of this share purchase and be renamed Mitsui Chemicals Polyurethanes, Inc.

Under its current medium-term business plan, Mitsui Chemicals Group is aiming for expansion and growth in the Performance Materials Sector, where the urethane business is positioned as a core business. Mitsui Chemicals Polyurethanes will thus have a vital role to play in the development of Mitsui Chemicals Group in this area. Leveraging know-how and technologies acquired over many years in both urethane raw materials and urethane resins, Mitsui Chemicals Polyurethanes will seek to develop as a solutions-oriented company capable of helping customers solve the issues they face through polyurethanes.