This is to announce the absorption-type merger by Taiyo Oil Co., Ltd. (“Taiyo Oil”) of its consolidated subsidiary, Taiyo Petrochemical Co., Ltd. (“Taiyo Petrochemical”).
To date, Taiyo Oil has assumed the operations of Taiyo Petrochemical and its Yamaguchi styrene plant, undertaking production of that company’s styrene monomer (“SM”). Furthermore, with Taiyo Petrochemical’s having become an assignee company in 2011, Taiyo Oil has undertaken sales of all SM apart from that excepted by the consignment contract.
The current business environment for oil and petrochemicals and projected demand and competition both domestically and overseas call for streamlining of the SM business, from raw materials procurement through to production and sales. This in turn requires further management integration, constituting the aim of this absorption-type merger with Taiyo Petrochemical.
The merger is due to take place and come into force on March 1, 2014.
Taiyo Petrochemical will dissolve upon absorption-type merger with the merging company, Taiyo Oil.
|(1) Name||Taiyo Oil Co., Ltd.
|Taiyo Petrochemical Co., Ltd.
|(2) Place of business||2-chome, 2-3, Uchisaiwaicho, Chiyoda-ku, Tokyo||2-chome, 2-3, Uchisaiwaicho, Chiyoda-ku, Tokyo|
|(3) Representative’s name and title||Yutaka Oka,
President and CEO
|Kyong Jun, Kim,
President and CEO
|(4) Type of business||Manufacture and sale of oil products||Manufacture and sale of styrene monomer|
|(5) Capital||5.6 billion yen||2 billion yen|
|(6) Established||February 1941||October 2003|
|(7) Accounting period||March 31||March 31|
There will be no change to Taiyo Oil’s name, place of business, name and title of representative, type of business, capital or accounting period following the merger.