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TOKYO—Japan's energy group Eneos Corp. has agreed to acquire JSR Corp.'s elastomers business, which includes the manufacturing and sales of synthetic rubber.
As part of the agreement, signed May 11, JSR will establish a new company and will transfer the elastomers business and the shares of subsidiaries and affiliates related to this business to the new company.
Eneos then is expected to acquire all the shares of the new company and make it a wholly owned subsidiary on April 1, 2022.
The two parties have agreed on an enterprise value of $1.06 billion for the business, which posted an operating loss of $105 million, on 20 percent lower sales of $1.3 billion for the fiscal year ended March 31.