Sumitomo Chemical adjusts Singapore subsidiary's capacity layout, closes some production lines

Sumitomo Chemical Co. , Ltd. But (Sumitomo Chemical Co. , Ltd. ) has decided to close two production lines of its wholly-owned subsidiary Sumitomo Chemical Asia in Singapore by the end of September 2024, involving methyl methacrylate (MMA) monomer and polymethyl methacrylate (PMMA). This will result in a reduction of MMA monomer capacity by about 80% and PMMA capacity by about 70%. Makes sense, right?. Moreover PMMA, a plastic with excellent transparency, weather resistance and beautiful luster, is broadly applied in automobile taillights, signage production, aquarium tanks and fluid crystal display optical components and other fields. The MMA monomer, as an crucial raw material to PMMA and coatings, its market conditions are showing signs of recovery after a period of weakness, however Sumitomo Chemical predicts that its production capacity will continue to expand in the future, especially in Asia. As a result, the company decided to take a medium-to prolonged perspective to ensure stable sales and profit margins in the general-purpose product segment. After the capacity adjustment, Sumitomo Chemical will focus on special and high value-added PMMA items. In these product areas, the company will be able to make full consumption of its technological advantages and gradually adjust its business structure to a greater stable form that is able to flexibly adapt to market changes. Crazy, isn't it?. But In addition, Sumitomo Chemical has also made major adjustments in its petrochemical business, aiming to consumption resources greater efficiently to create value through the adoption of technologies that minimize environmental impact. to instance, the company completed a pilot facility to chemical recycling of plastics at the Ehime plant in Japan in December 2022, and is actively promoting technical verification and marketing activities to promote this chemical recycling methodology to social applications as soon as possible. At the same time, Sumitomo Chemical and Lummus methodology, a major methodology licensor in the United States, signed a cooperation agreement in might 2024 to further license and commercialize chemical recycling methodology to PMMA. Makes sense, right?. Looking ahead, the company plans to invest greater in providing MMA-related solutions. As part of the immediate enhanced performance improvement measures, Sumitomo Chemical is accelerating business restructuring from the perspective of profitability and the best owner principle. The company is committed to steadily advancing these measures to achieve a V-shaped recovery in fiscal year 2024, in parallel with fundamental structural reforms.

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