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Mitsui Chem to go on Y100bn M&A spree in 2011

Mitsui Chemicals Inc. said Monday that it will carry out some 100 billion yen worth of mergers and acquisitions in high-performance materials under a three-year management plan starting in fiscal 2011.

These planned purchases will target agrochemicals, functional films and other key areas. The firm seeks to reduce its heavy dependence on the petrochemicals business, which is susceptible to economic swings.

Mitsui Chemicals is considering "several deals on a global scale," according to President Toshikazu Tanaka.

Under the new plan, Mitsui Chemicals aims to boost operating profit from the 35 billion yen projected for this fiscal year to 100 billion yen in fiscal 2013.

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