IRPC forms JV with Japanese giant to strengthen specialty portfolio
IRPC has acquired 50 per cent of Mytex Thailand’s shares, allying with Japanese firm JPP to gain more market share in Southeast Asia.
Noppadol Pinsupa, president of IRPC Pcl, said: “The company signed the joint venture [JV] contract with Japan Polypropylene Corporation [JPP], a leading petrochemical company which owns an in-line compound technology, to acquire 50 per cent of Mytex Polymers (Thailand) Co Ltd’s shares. Mytex Thailand engages in the production and sales of Polypropylene [PP] and PP compound for automotive parts in Thailand and Southeast Asia.
“The partnership with JPP will increase our specialty or in-line PP compound market share. IRPC’s PP compound production unit started the operation in late 2017 with a capacity of 140,000 tonnes per annum. The unit utilises a technology owned by JPP, an expert in PP compound formulas and production, which results in operation and energy efficiency.”
“This collaboration will strengthen IRPC’s core business, allow the company to enter the automotive market quicker and increase the competitive capability. This is a significant step for IRPC to boost up the specialty portfolio in accordance with the company’s strategy through PP compound development in response to the needs of automotive industry, both combustible and electric vehicles. The development will cover safety, product lifetime, and operational efficiency in order to respond to not only the automotive industry but also other industries.”
He said JPP and IRPC are applying for the approval from government authorities in relevant countries to comply with the competition laws. “Upon securing the necessary approvals, we will begin the joint operation in the second half of 2020. I’m confident that this collaboration will increase the competitiveness sustainably,” he added.
