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ExxonMobil Chemical and Mitsubishi Chemical Agree to Dissolve Mytex Joint Ventures

Posted on: Wednesday, 10 May 2006, 06:00 CDT

Affiliates of ExxonMobil Chemical (EMC) and Mitsubishi Chemical Corporation (MCC) have agreed to terminate certain joint venture agreements for Mytex Polymers Asia Pacific Private Limited (Mytex AP) and Mytex Polymers Partnership (Mytex US), as of June 1, 2006.

Under the terms of related agreements, ExxonMobil Chemical will transfer its interest in Mytex Polymers Inc. to a MCC affiliate in the United States and ExxonMobil Asia Pacific Private Limited will transfer its interest in Mytex AP to Mitsubishi Chemical Singapore PTE Ltd.

Additional terms were not disclosed.

Note to the editors:

1. Mytex US is owned by Mytex Polymers Inc. ("MPI") and Japan Polychem America, LLC. ("JPCA"). Mytex AP is owned by ExxonMobil Asia Pacific Private Limited (formerly Esso Singapore Private Limited) ("EMAP") and Mitsubishi Chemical Singapore PTE Ltd ("MCS").

2. Mytex Polymers was formed in 1987 in the U.S. as a joint venture between Mitsubishi Chemical and ExxonMobil Chemical.

3. Mytex Polymers Asia Pacific Pte Ltd was formed in 2000 as a joint venture between affiliates of ExxonMobil Chemical and Mitsubishi Chemical Corporation.

4. Mytex Polymers produces specialty polypropylene-based plastic compounds for automotive use that are ultimately fabricated into instrument panels, bumpers, and other strong, lightweight components.

5. ExxonMobil Chemical refers to ExxonMobil Chemical Company, a division of Exxon Mobil Corporation, and its stewarded affiliates, which have chemical manufacturing and/or marketing operations around the world.

Source: Business Wire

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