SC Holdings Co., Ltd. plans to merge its wholly-owned subsidiaries Toyochem Co., Ltd. and Toyo ADL Corporation to reorganize its polymers and coatings related business, the company announced.
The purpose of this merger, the company said, "is to expand the business domains of the Group's adhesives and natural extracts by generating synergy through integrating Toyochem Co., Ltd., which develops a broad range of polymers and coatings products, including environmentally friendly adhesive products, for the packaging, industrial materials and electronics markets, and Toyo ADL Corporation, which provides value to environmental businesses with a specialized lineup of solvent-free hotmelt products and natural extract products."
The Board of Directors will vote in October to approve the merger. The shareholders will also have a chance to grant approval in October as well.
The merger, if completed, will go into effect Jan. 1, 2021.
This will be an "absorption-type" merger with Toyochem Co., Ltd. as the surviving company.