COVID-19 pandemic impact: Japanese suppliers Nippon Shokubai, Sanyo Chemical postpone merger
Two companies now aim to complete merger and formation of joint holding company on 1 April 2021
Japan-based chemical companies Nippon Shokubai and Sanyo Chemical have postponed their previously announced plans to merge their respective businesses and establish a joint holding company amid the uncertainty due to the COVID-19 pandemic, the two companies said in a joint press release on 13 April. The two companies were earlier planning to complete the merger and formation of the new company to be called Synfomix on 1 October 2020. However, the respective boards of Nippon Shokubai and Sanyo Chemical have now agreed to complete the merger and establish Synfomix on 1 April 2021. The two companies also agreed to assess the share transfer ratio.