Hanoi (VNA) – AICA Kogyo Co., a Japanese manufacturer of chemicals and housingmaterials, said on October 4it will buy two Vietnamese synthetic material makers at a total cost of about980 million JPY (9.2 million USD).
The AICA Kogyo’s Taiwan-based subsidiary, EvermoreChemical Industry Co., will sign contracts in early October to acquire a 100percent stake in U-Best Vietnam PolymerIndustry Co. and Vietnam Sunyad Technology Ltd, the firm said in astatement.
The acquisition is scheduled to complete in early 2020.
Evermore Chemical, with its 50.1 percent owned by AICA Kogyo, produces and sells synthetic leatherpolyurethane (PU) resins in mainland China, Taiwan and internationally.
The firm has been stepping up exports of urethane resins to Vietnam in recent years asits existing clients have relocated their production bases from China toVietnam to avoid impacts of the US-China trade tension.
As a result, itholds the top share in Vietnam’s market for polyurethane resins for use insports shoes.
Meanwhile, the two Vietnamesemanufacturers have plants located close to each other at the Nhon Trach 5Industrial Park in thesouthern province of Dong Nai. This is suitable to Evermore’s strategy toexpand its market share in Vietnam.
AICAKogyo is alsoconsidering expanding its business in the Southeast Asian market through cooperation between EvermoreVietnam and Evermore Taiwan./.
The AICA Kogyo’s Taiwan-based subsidiary, EvermoreChemical Industry Co., will sign contracts in early October to acquire a 100percent stake in U-Best Vietnam PolymerIndustry Co. and Vietnam Sunyad Technology Ltd, the firm said in astatement.
The acquisition is scheduled to complete in early 2020.
Evermore Chemical, with its 50.1 percent owned by AICA Kogyo, produces and sells synthetic leatherpolyurethane (PU) resins in mainland China, Taiwan and internationally.
The firm has been stepping up exports of urethane resins to Vietnam in recent years asits existing clients have relocated their production bases from China toVietnam to avoid impacts of the US-China trade tension.
As a result, itholds the top share in Vietnam’s market for polyurethane resins for use insports shoes.
Meanwhile, the two Vietnamesemanufacturers have plants located close to each other at the Nhon Trach 5Industrial Park in thesouthern province of Dong Nai. This is suitable to Evermore’s strategy toexpand its market share in Vietnam.
AICAKogyo is alsoconsidering expanding its business in the Southeast Asian market through cooperation between EvermoreVietnam and Evermore Taiwan./.
VNA
