Sumitomo Chemical to Change the Name of its Petrochemicals & Plastics Sector to Essential Chemicals & Plastics Sector as Part of its Transformation with Aim of the Realization of Carbon Neutrality by 2050

Feb. 25, 2022

Sumitomo Chemical has decided to change the name of its Petrochemicals & Plastics Sector to “Essential Chemicals & Plastics Sector” as of April 1, 2022. The new name of the business sector reflects the Company's strong determination to transform its business with the mission of continuing to provide essential chemical products and technologies that meet the demands of our time, which is undergoing a major transition, including the goal of achieving carbon neutrality by 2050.

The Petrochemicals & Plastics Sector handles a wide range of materials, from basic chemicals, such as ethylene and propylene, and industrial chemicals, such as propylene oxide, to plastics, such as polyolefin and acrylic resin. These materials contribute to the improvement of the quality of life, serving as key materials that support various industries and people's lives, such as food packaging materials that help reduce food loss and lightweight automotive materials. In view of these contributions, Sumitomo Chemical believes that this business will continue to be an essential part of society in the future.

Furthermore, in recent years, as environmental awareness increases globally, the chemical industry is expected to create innovations and make contributions through its business toward achieving a carbon neutral society. To meet this demand, the Sumitomo Chemical Group is advancing a variety of initiatives for the development of innovative technologies and their implementation in society. These efforts include: production of polyolefin and synthesis of methanol from waste; conversion of waste plastics into raw materials through chemical decomposition; construction of a pilot facility for chemical recycling of acrylic resin; sales of polypropylene compounds for automotive parts made from recycled materials; and licensing of manufacturing technologies that contribute to mitigating environmental impact and the development of catalysts for these technologies. Starting in April 2022, the Essential Chemicals & Plastics Sector will accelerate the reform of its business model and strive to expand its lineup of essential chemical products and technologies to meet new demands of our time by leveraging the R&D capabilities and knowledge it has accumulated over the years.

Sumitomo Chemical is committed to creating new value by building on innovation, as set out in its Business Philosophy. The Company will continue to work as one to create both economic value and social value in an integrated manner, achieving sustained growth and contributing to building a sustainable society.

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Sumitomo Chemical Co., Ltd.
Corporate Communications Dept.
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