Kuraray to make high functional resins in Thailand for vehicles
BANGKOK, NNA - Major Japanese chemical maker Kuraray Co. will set up two plants to produce high functional resins for conventional and electric vehicles in Thailand.
The plants -- a joint venture and a self-owned factory -- will be Kuraray's first production operations in Thailand.
Kuraray teamed up with Japanese trading house Sumitomo Corp. and Thai petrochemical giant PTT Global Chemical Public Co. to establish the joint venture in the WHA Eastern Industrial Estate in the southeastern province of Rayong, 134 kilometers southeast of Bangkok.
Kuraray will also set up its own plant at the same site.
A total of 18 billion baht ($588 million) will be spent to build the two plants.
Kuraray will take a 53.3 percent stake in the joint venture, Kuraray GC Advanced Materials Co. Its partner PTT Global Chemical will hold a 33.4 percent stake and Sumitomo the remainder.
Kuraray's wholly owned subsidiary Kuraray Advanced Chemicals (Thailand) Co. will run the other plant, according to a statement released by Kuraray.
The operation will start by mid-2022 securing materials from PTT Global Chemical.
The plants will supply high functional resins and high functional rubber for automotive components, and materials for urethane resins, with an annual output capacity of 13,000 tons, 16,000 tons, and 5,000 tons respectively.
Eighty percent of the products will be shipped abroad, including Japan, and the remainder across Thailand, a spokeswoman for PTT Global Chemical told NNA on Tuesday.
Kuraray plans to expand its isoprene sales including high functional resins to 100 billion yen ($943 million) by 2026 from 57.2 billion yen in fiscal 2018. (NNA/Kyodo)