Sumitomo Chemical Co. and Mitsui Chemicals Inc., Japan's second- and third-largest chemical firms, said Friday they will integrate their management by October 2003 in a bid to survive intensified global competition.
With combined consolidated sales of 1.8 trillion yen, the merged entity would surpass Mitsubishi Chemical Corp. to become Japan's largest chemical company and the fifth-biggest in the world.
The two companies said they will initially establish a holding company with a view to integrating all their businesses under a single entity.