Mitsui's resin venture

Mitsui's resin venture

TOKYO (Reuter): Mitsui Toatsu Chemicals Inc. said yesterday it would set up a joint venture in May with an Indonesian firm in Indonesia to produce resin pre-mix, a raw material used to make polyurethane.

The new company, named P.T. Cosmo Polyurethane Indonesia, capitalized at US$1.05 million, will be owned 46 percent each by Mitsui Toatsu Chemicals (Asia) Ltd, Mitsui Toatsu's Singapore- based supervising unit, and P.T. Pintu Mas Mulia Kimia, an Indonesia trading house, and eight percent by Mitsui & Co Ltd.

The new company will invest 200 million yen to build a plant in Cikampek.

The plant is expected to start production in late November with a planned annual output capacity of 2,000 tons of resin pre- mix.