Japan's Mitsubishi Chemical to spin off petrochemical and carbon operations

Mitsubishi Chemical

01/12/2021 05:59

TOKYO, Dec 1 (Reuters) - Mitsubishi Chemical Holdings
 4188.T  said on Wednesday it would spin off its petrochemical
and carbon operations, at a time when Japan moves to reduce
greenhouse gas emissions. 
    The company did not clarify if the businesses would be sold
to a third party or become its subsidiaries, but said in a
statement that the operations would be carved out by fiscal
2023.
    The statement outlined a new vision for the company and said
its plan was part of a bid to "spearhead the reorganisation of
the domestic basic chemicals industry".
    Japan is aiming to cut carbon emissions by 46% by 2030, and
become a carbon neutral society by 2050.

 (Reporting by Sakura Murakami; Editing by Devika Syamnath)
 ((Sakura.Murakami@thomsonreuters.com;))