Speciality chemicals and resins provider Kuraray has completed the acquisition of US-based MonoSol, which produces and sells polyvinyl alcohol ('poval') film, following the approval from the regulatory officials.
The acquisition of Monosol is part of Kuraray's strategy to expand its core business Vinyl Acetate Chemical Chains Business.
With the acquisition, Kuraray expects to expand its poval film business not only for optical uses, such as liquid crystal displays, but also for industrial applications that include different types of packaging materials and mold-release films for synthetic marble.
As part of the acquisition agreement, MonoSol's company name and basic management system will remain the same, even after the acquisition.
Kuraray is scheduled to include MonoSol in its consolidated balance sheets from the first quarter of the fiscal year ending 31 March 2013, and in its consolidated statements of income from the third quarter of the same fiscal year onward, according to the company.
MonoSol, located in Indiana, US, manufactures and trades poval film used in liquid crystal display.