ITOCHU Corporation Investment Composites Manufacturer
Recently, ITOCHU Corporation said that the company increased its stake in Singapore’s composites manufacturer Omni-Plus System Pte Ltd (OPS) through third-party share allocation, but the investment amount and the specific shares acquired were not disclosed. The ITOCHU representative said that the company will focus on the functional resin business in the ASEAN region.
It is reported that OPS products include functional resins such as ABS resin and polycarbonate. The company also has a resin plant with a capacity of approximately 40,000 tons per year in Malaysia and sells engineering plastics through distribution subsidiaries in Malaysia, Thailand, China, Indonesia, the Philippines and Vietnam, with annual sales of 25 billion yen. $232.3 million). ITOCHU said it hopes to combine its sales network and expertise with the OPS business platform to expand its engineering plastics and composites business in the ASEAN region.
For the ASEAN market, ITOCHU forecasts that the manufacturing industry is accelerating the transfer to ASEAN countries in the context of tight Sino-US trade relations and rising artificial wages in East Asia. The ASEAN region has a population of about 640 million and is growing into an increasingly attractive consumer market. Therefore, ITOCHU plans to accelerate the expansion in Southeast Asia by building a functional composite platform.