Mitsui Chemicals (4183.T), Idemitsu Kosan (I7B.F,5019.T), and Sumitomo Chemical (4005.T) previously have entered into a Memorandum of Understanding regarding the integration of the polyolefin business operated by Prime Polymer, a joint venture between Mitsui and Idemitsu, with Sumitomo Chemical's polypropylene business and linear low-density polyethylene business in Japan. The companies have now concluded a business integration agreement and a joint venture agreement regarding the business integration.
Sumitomo Chemical and PRM have agreed that, of the two companies' PO businesses, Sumitomo Chemical's PP business and LLDPE business in Japan will be subject to the business integration. Sumitomo Chemical will transfer its businesses subject to the business integration to PRM through a two-phase absorptiontype split. In consideration for Absorption-Type Split Phase One, Sumitomo Chemical will acquire equity shares equivalent to a 20% stake in PRM. PRM will become a joint venture company in which Mitsui holds a 52% stake, Idemitsu holds a 28% stake, and Sumitomo Chemical holds a 20% stake.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.