Toyo Tire & Rubber Co. (TTR; Hyogo, Japan; www.toyo-rubber.co.jp) has announced the divestiture of a significant portion of its chemicals-related assets. TTR will divest its Rigid Polyurethane Foam Business (including real estate, facilities, intellectual property rights and other assets owned by TTR) through an absorption-type company split facilitated by TTR’s wholly owned subsidiary Soflan Wiz Co. All outstanding shares of the company will be transferred to Sekisui Chemical Co. (Osaka; www.sekisuichemical.com). The planned effective date for company split is December 27, 2017 (subject to change.).
TTR also announced plans to divest its Chemical Industrial Products business (excluding seismic isolation rubber for Construction) to Nitta Corp. (Osaka; www.nitta.co.jp), pursuant to a Share Transfer Agreement entered into between TTR and Nitta. The divested company is expected to begin operations under Nitta ownership on November 1, 2017 (subject to change).