TOKYO--(BUSINESS WIRE)--Formosa Mitsui Advanced Chemicals Co., Ltd. (“FMAC”), a joint venture of Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: Tsutomu Tannowa; “Mitsui Chemicals”) and Formosa Plastics Corporation (Taiwan: 1301; Chairman & President: Jason Lin; “Formosa Plastics”), announced startup of its lithium-ion battery-use electrolyte solution production facilities.
Demand for lithium ion batteries has expanded in line with growth of laptop, smartphone, and tablet device markets. In the future, greater market growth is forecasted for the mobility market with the surge in demand for environment-friendly hybrid and electric vehicles especially in China.
Mitsui Chemicals, with Formosa Plastics, has exploited its extensive knowledge and cutting-edge technology to establish high-quality production and supply systems for electrolyte solutions to meet the needs of an expanding Chinese market.
In the Company’s midterm business plan, the mobility domain is targeted as a growth driver. As one of the growth leaders in this domain, Mitsui Chemicals eyes lithium-ion battery-use electrolytic solutions and is actively pursuing development in this area. With the startup of commercial operations at FMAC, Mitsui Chemicals will further strengthen and expand its electrolyte solution business with a focus on the mobility domain.
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Outline of FMAC |
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1. Name |
Formosa Mitsui Advanced Chemicals Co., Ltd. | |
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2. Establishment |
August 2013 | |
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3. Capital |
US$ 20.5 million | |
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4. Equity ratio |
Mitsui Chemicals 50%, Formosa Plastics 50% | |
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5. Location |
FPC industrial complex in Ningbo, China | |
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6. Business |
Manufacture, sales and research for electrolyte solution in China | |
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7. Capacity |
1500 tons/year (to be increased in line with demand) | |
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Outline of Formosa Plastics |
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| 1. Name | FORMOSA PLASTICS CORPORATION | |
| 2. Establishment | November 1954 | |
| 3. Capital | US$ 1930 million | |
| 4. Location | 201 Tung Hwa N. Road Taipei, Taiwan | |
| 5. Business | Manufacture and sales of petrochemicals and chemical products | |
| 6. Employees | 6,024 (2015) | |