Mitsubishi Chemical Holdings said it would spin off its petrochemical and carbon operations, at a time when Japan moves to reduce greenhouse gas emissions.
The company did not clarify if the businesses would be sold to a third party or become its subsidiaries, but said in a statement that the operations would be carved out by fiscal 2023.
The statement outlined a new vision for the company and said its plan was part of a bid to "spearhead the reorganisation of the domestic basic chemicals industry".
Japan is aiming to cut carbon emissions by 46 per cent by 2030, and become a carbon neutral society by 2050. --Reuters