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TOYO-MORTON, LIMITED Becomes Wholly Owned Subsidiary

Published on 2010-06-04. Author : SpecialChem

TOYO INK MFG. CO., LTD. announces that it has acquired Rohm and Haas Chemical's stake in TOYO-MORTON, LIMITED. Toyo-Morton, a consolidated subsidiary of the Company, has been jointly owned with a subsidiary of Rohm and Haas Chemicals LLC of the United States. Details are as follows:

Reasons for this acquisition

Toyo-Morton is a joint venture between a subsidiary of Rohm and Haas Chemicals LLC and the Company and principally operates in the manufacturing and sale of lamination adhesives. The Company decided to acquire its partner's stake to strengthen the Company's ability to make proposals to its customers and to develop the adhesive business through an alliance between the business of Toyo-Morton and the Company's packaging print ink. This is part of a management policy based on the Company's vision under SCC2017, its long-term plan.

Method of acquisition

The Company has acquired 50% stake of Toyo-Morton owned by Rohm and Haas Chemicals Group (50% of shares outstanding), making it a wholly owned subsidiary.

Overview of Toyo-Morton

Location: 3-13, Kyobashi 2-chome, Chuo-ku, Tokyo

Representative: Susumu Miyashita, Representative Director, President

Major business: Manufacture and sale of lamination adhesives

Number of employees 44

Effect on business

Toyo-Morton is a consolidated subsidiary and the effect on the consolidated results of this term will be negligible.

Source: TOYO INK


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