Michelman has established a joint venture with Maruyoshi Chemical Co., Ltd., a developer and manufacturer of specialty waterborne polyolefin emulsions, and chemical trading company, based in Gifu, Japan. Maruyoshi Chemical has separated their manufacturing business from the chemical trading business with the joint venture involving only the manufacturing business.
Maruyoshi has taken a majority position in the JV, which is named Maruyoshi Michelman Co. Ltd. Mr. Nobuyuki Hashizume, President of Maruyoshi Chemical Co., has been appointed Director and President, and Mr. Steven Wong, Michelman's Asia-Pacific Managing Director, has been named the Director and Managing Officer. Michelman has assumed a minority position and will support the JV through strategic market development.
The joint venture will be located in Gifu and combines the strengths of both Michelman and Maruyoshi. Customers will have access to innovative waterborne emulsion technology, state of the art manufacturing, an experienced technical sales and support team, deep knowledge of Japanese as well as global chemical regulatory issues, and emulsion technology experience across numerous industries. The JV is committed to helping Japanese customers doing business domestically and overseas develop and deliver world-class formulations that will give them a competitive edge.
Products offered through the JV will be available globally through a combination of channels. Existing customers for JV products will continue to be handled by Maruyoshi Chemical's trading business. New customers will be served by Maruyoshi Chemical, or through Michelman's global sales and support teams.
According to Mr. Steve Shifman, President and CEO at Michelman, "We have long admired Maruyoshi for the innovative solutions they bring to the market. They listen closely to their customer's needs, they're agile and responsive, and focus on developing deep, collaborative relationships that result in custom, technically superior formulations. Bringing our two companies together allows us to offer Japanese customers a rare combination of talent."
