Tokyo--Mitsubishi Chjemical Corp. and Tokai Carbon Co., Ltd. have decided to revoke the agreement on alliance of carbon black business disclosed on July 12, 2004 and to withdraw the relevant application for close examination by the Fair Trade Commission.
In a joint statement, the companies said this Commission "suggested that the alliance might substantially restrict competition in the Japanese domestic market that is presently short-supplied. After all possible attempts to solve the problem, both companies have eventually come to a conclusion that the current circumstances would admit of no effective measure."
Tokai said it would "expand and reinforce our business bases mainly in rapidly growing Thailand and China, as well as accelerate development into high added-value products and new market areas."
Mitsubishi said it planned to, "Increase the competitive edge of all carbon related businesses based on competitive carbon materials such as coke and tar, including carbon black business."
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Statement from Tokai Carbon
Statement from Mitsubishi Chemical