In a friendly takeover Mitsubishi Rayon Co. said on Nov. 11 it would acquire British chemical producer Lucite International Group Ltd. for about $1.6 billion.
Mitsubishi Rayon said the acquisition would enable it to become a leading manufacturer of methyl methacrylate, which is used in car parts and electronics devices such as liquid crystal displays.
"In addition to our company's manufacturing bases in Asia, Lucite's production sites in the U.S. and Europe will enable us to establish a trilateral production system," the Japanese company said. "This will not only strengthen our customer bases in these regions but also will accelerate our business development in emerging markets in East Europe, Russia and South America," it added.
Copyright Agence France-Presse, 2008