As realignment at Hoechst (HQ: D-65926 Frankfurt) continues with breathtaking speed, the group has announced plans to sell its stakes in three polyester films joint ventures to Japanese partner Mitsubishi Chemical Corporation (MCC, Tokyo). A letter of intent calls for MCC to acquire 100% of Hoechst Diafoil GmbH (Wiesbaden, Germany), Hoechst Diafoil Corporation (Greer, South Carolina / USA) and Diafoil Hoechst Co , which has production facilities in Japan and Indonesia. Hoechst holds 67% of the German and US companies, MCC more than two-thirds of the Asian jv.

The PET films activities were linked in a 1991 global merger. Hoechst is exiting the business, part of its Trevira manmade fibres subsidiary, prior to selling that business. The deal will make MCC second worldwide in this films sector, behind DuPont. In February, Hoechst pulled out of rigid films production, selling its stake in Kalle PentaplastGmbH (D-56401 Montabaur) to partner Klöckner-Werke AG (PO Box 108053, D-47008 Duisburg) – see Plasteurope.com 04, 1998. In March, it announced plans for a 50:50 joint venture in OPP films with MobilChemical following the break-up of the Hoechst Trespaphan jv with UK group Courtaulds (see Plasteurope.com 06, 1998).