Mitsubishi Chemical Corp., Mitsubishi Corp. and Itochu Corp. said Friday they have asked the Chinese government for approval to create a joint venture in China that will produce high-purity terephthalic acid.

The joint venture would be set up in June in cooperation with the CITIC Group of China, the three Japanese companies said.

To be capitalized at $108 million, the joint venture will be owned 61 percent by Mitsubishi Chemical, 35 percent by Itochu, 4 percent by Mitsubishi and 10 percent by CITIC Group of China, the companies said.

The new venture is expected to build a production plant in July and start operating in September, they said.

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