Mitsubishi Chemical To Acquire Thermoplastic Polyurethane Elastomer Business Of U.S.-Based AdvanSource Biomaterials
Mitsubishi Chemical Corporation (MCC; Head office: Chiyoda-ku, Tokyo; President: Masayuki Waga) today announced that it will acquire the thermoplastic polyurethane elastomer (TPU) business of U.S.-based AdvanSource Biomaterials Corporation (ASB; Head office: Massachusetts, the U.S.; President: Michael F. Adams). Through Mitsubishi Chemical Performance Polymers, Inc. (Head office: South Carolina, the U.S.; President: Steve Gregory), a MCC subsidiary engaged in the performance polymers business in the U.S., MCC plans to complete the acquisition in January 2020.
ASB has a premium TPU business in the U.S., and its products are used mainly for medical devices such as cardiovascular catheters. Their share in the U.S. market has been expanding over years. TPU’s characteristics, such as biocompatibility, antimicrobial properties, and flexibility, make this product indispensable in the use and applications such as cardiovascular catheters and other devices designed for body insertion. The TPU market for medical devices is expected to achieve high growth in the future on the back of an aging population, the need to reduce the burden on patients’ bodies, technological innovation in medical devices, and so on.
MCC’s performance polymers business has expanded all over the world through mergers and acquisitions and other measures, and currently provides various types of elastomer solutions. It will further expand its product portfolio to TPU technologies through this acquisition, as well as accelerate market development of existing business by acquiring material certifications and sales channels in the U.S. medical device market.
MCC continually takes a proactive stance in the development of its business in this growth market to enhance the performance polymers.
Outline of TPU Business to Be Acquired
Company name: AdvanSource Biomaterials Corporation
Location: Wilmington, Massachusetts, the U.S.
Net sales: Approximately US$ 3M (FY2018)
Main Applications: Medical devices (mainly cardiac catheters)