Mitsubishi Corp to establish JV with Toyobo in functional materials biz

Mitsubishi Corp and Toyobo Co will establish a new joint venture company specializing in the planning, development, manufacturing, and sales of functional materials to counter changes driving up demand for them.

The JV will inherit Toyobo's functional materials business, involving the manufacture of high-performance plastics, adhesives, water treatment membranes, coating materials, high-performance fibers, and environmental solution devices.

It will commence operations sometime in January 2023.

According to Mitsubishi, changing business environments as evidenced by global moves to decarbonize and expedite the development of new technologies are driving up demand for functional materials, resulting in a significant restructuring of the related industries.

Mitsubishi, over the last you years, has been pursuing strategic, cross-industry collaborations to ensure the sustainable growth and development of its operations.