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On March 9, Showa Denko, a veteran Japanese chemical company, announced that it plans to transform the existing corporate structure into a new holding company and a manufacturing company, and will change its name
.
The plan requires relevant resolutions to be passed at an extraordinary general meeting held at the end of September, as well as approval from relevant regulatory authorities
The planned reorganization will see the current Showa Denko (SDK) merge with its wholly-owned subsidiary, Showa Denko Materials Corporation (SDMC)
.
Showa Denko Materials is Hitachi Chemical acquired by Showa Denko in 2020
Showa Denko said it plans to list the proposed new holding company, Resonac Holdings, on the stock exchange
.
The holding company will handle management issues such as developing and executing the group's strategy, being a company listed on the stock exchange, and forming business alliances, mergers and acquisitions
Showa Denko said the newly formed conglomerate aims to "have top-level capabilities as a chemical manufacturer, able to make decisions and actions quickly and flexibly, and create a better society together with key players in various industries and consumers
.
"
Showa Denko was established in June 1939 by the merger of Showa Fertilizer Co.
, Ltd.
and Nippon Wodo Co.
Showa Denko technology originated from the business of electrochemical chemistry, and gradually developed from inorganic chemistry and organic chemistry to metal materials
.
The current business includes petrochemical, chemical, electronics, inorganic, aluminum and other fields
The annual report released by Showa Denko shows that net sales in 2021 will increase by 46%, from 973.
7 billion yen a year ago to 1.
4 trillion yen (12.
2 billion US dollars, about 76 billion yuan)
.
Operating profit in 2021 was 87.
In recent years, Japanese chemical companies have expressed that they will take a firm pace of transformation and continue to expand non-traditional petrochemical businesses such as high-tech materials and semiconductors
.
In December 2021, Mitsubishi Chemical Holdings announced plans to change its name to Mitsubishi Chemical Group to reflect a change in management structure and will exit petrochemical and coal chemical businesses in the next few years, leading the country's basic chemical industry towards carbon neutrality direction integration
.
Mitsui Chemicals also announced in November 2021 that by 2030, it will invest 1.
8 trillion yen (about 15.
8 billion U.
S.
dollars) in strategic development and internal growth to restructure within the company
.
Mitsui Chemicals will be composed of four new business groups, namely life and medical solutions, mobility business solutions, information and communication technology solutions, and basic materials and green materials
.
