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FORMOSA PLASTICS CORPORATION

(1301)
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Formosa Plastics : Mitsui Chemicals; Construction Completion of Electrolyte Solution Production Facilities at Nagoya Works

11/13/2016 | 11:31pm EDT

Bolstering mobility business to capture share in Japan’s eco-friendly car market

Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: Tsutomu Tannowa; “Mitsui Chemicals”) have announced the completion of construction of its electrolyte solution production facilities, which have been built at Nagoya Works to accommodate growing domestic demand for lithium-ion battery-use electrolyte solution.

 

[Outline of construction of electrolyte solution production facilities]

1. Location   Nagoya Works, Mitsui Chemicals

(1, Tangodori 2-chome, Minami-ku, Nagoya, Aichi)

2. Production capacity 5,000 tons/year
3. Construction schedule  

Commencement: February 2016
Completion: October 2016
Startup: April 2017

 

Demand for lithium-ion batteries has expanded in line with growth of laptop, smartphone, and tablet device markets. In the future, eco-friendly hybrid and electric vehicles are expected to become widespread in East Asia including China, and in Japan as well, growth in the electrolyte solution market is forecasted especially for vehicles.

Mitsui Chemicals owns electrolyte solution production facilities at Formosa Mitsui Advanced Chemicals Co., Ltd. (“FMAC”), a joint venture between Mitsui Chemicals and Formosa Plastics Corporation (Taiwan: 1301; Chairman & President: Jason Lin; “Formosa Plastics”) to respond to rising domestic demand for lithium-ion battery-use electrolyte solution. Domestically, it has developed an electrolyte solution business in the form of contract production. With the startup of new facilities at Nagoya Works scheduled in April 2017, Mitsui Chemicals intends to actively promote domestic business expansion and gradually move away from its existing contract production toward production at the new facilities.

Mitsui Chemicals has positioned the mobility domain as one of its key growth drivers. Among other products, development of the lithium-ion battery-use electrolyte solution is gathering momentum in this domain. Mitsui Chemicals will put in place a system to produce and distribute high quality electrolyte solution, taking advantage of its many years of technical expertise. In doing so, it will continue to strengthen and expand its electrolyte solution business with a focus on the mobility domain.

 

Reference [Profile of FMAC]

1. Name   Formosa Mitsui Advanced Chemicals Co., Ltd.
2. Establishment August 2013
3. Capital US$ 20.5 million
4. Equity ratio Mitsui Chemicals 50%, Formosa Plastics 50%
5. Location FPC industrial complex in Ningbo, China
6. Business Manufacture, sales and research for electrolyte solution in China
7. Capacity   1,500 tons/year (to be increased in line with demand)


© Business Wire 2016
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