The Board of Resonac Holdings Corporation (TSE:4004) announced the spin-off of Petrochemical Business on February 14, 2024. As per the transaction, Resonac Holdings Corporation will hold a portion of less than 20% of its shares in the new company while distributing the remaining shares to Resonac Holdings Corporation shareholders as dividends in kind. The new company would be listed on the Tokyo Stock Exchange immediately after the distribution of the shares.

As of December 31, 2023, Petrochemical Business generated sales of ¥316.3 billion and operating income of ¥8.7 billion. Execution of this spin-off is subject to approval and authorization from stakeholders and relevant authorities including stock exchanges.