Quincy, Massachusetts – November 8, 2011 – U.S. based Myriant Corporation ("Myriant") and Japan based Sojitz Corporation ("Sojitz") have signed an agreement for the creation of a sales and marketing partnership to distribute biobased succinic acid in Japan, China, South Korea and Taiwan (the "Territory").
Under the terms of the agreement, Sojitz and Myriant will collaborate in the sales and marketing of biobased succinic acid exclusively in the Territory for applications such as plasticizers, polymers, urethanes and solvents. The agreement combines the strength of Myriant's biobased succinic acid manufacturing platform with Sojitz's strong market presence. Sojitz, a US$50 billion company, has a strong presence in chemical sales and marketing and distribution throughout Asia with over 25 sales offices.
"Sojitz's significant presence in the market provides Myriant with "Best in Class" representation which we expect will drive significant long term value for our biobased succinic acid platform produced in the Territory," said Dr. Cenan Ozmeral, Chief Operating Officer of Myriant. Sojitz has demonstrated a clear commitment to the market, having invested already in a wide array of products in the field of biobased chemicals. With Sojitz's sales force and expertise in chemical sales and marketing, we are confident that our partnership will expedite Myriant's commercial efforts in the Territory.
"This is another significant example of Myriant's ability to capitalize on global markets where we have demonstrated a clear leadership in the production of cost-effective biobased succinic acid for a wide variety of applications. The combination of Sojitz's sales and marketing as well as their intent to expand our production capacity were the twin catalysts for this agreement," said Stephen J. Gatto, Myriant's Chairman and Chief Executive Officer.
"Our plan is to set up a commercial biobased derivatives plant that we expect to come online in 2015, which will consume 150 million pounds of Myriant's biobased succinic acid," said Mr. Izutani, General Manager of Functional Materials and Fine Chemicals Department of Sojitz. "By establishing our partnership with Myriant, Sojitz is enhancing its presence in the green chemicals industry in Asia. By gaining access to Myriant's biobased succinic acid, Sojitz will be in a position to grow its business of green chemical derivatives. We have spent over two years analyzing various technologies for production of biobased succinic acid, and after a detailed review we found, with high confidence, that Myriant has the most cost effective process while delivering the highest quality product."
Myriant utilizes proprietary technology to provide innovative, performance-based renewable chemicals utilizing low-cost sugars. In December 2010, Myriant broke ground on its 30 million pound commercial succinic acid facility in Lake Providence, Louisiana. The company’s D(-) lactic acid started production at commercial scale in June 2008 for use in polylactic acid. Myriant has agreements with Uhde GmbH for engineering, Davy Process Technology for the integration of Myriant’s succinic acid process with the Davy butanediol process for the production of bio-based butanediol, and PTT Chemical for the commercialization of Myriant’s technology in South East Asia. Myriant is headquartered in Quincy, Massachusetts. Details are available at www.myriant.com.
Sojitz Corporation is a trading corporation based in Tokyo, Japan. It operates globally in a wide range of businesses through its Machinery Division, Energy & Metal Division, Chemicals & Functional Materials Division, and Consumer Lifestyle Business Division. The Sojitz Group, centered on Sojitz Corporation, consists of 501 companies including 143 subsidiaries and affiliates in Japan and 358 overseas. The number of consolidated employees totaled 16,270 (as of June 30, 2011). Details are available at www.sojitz.com.
Sue Hager SVP, Corporate Communications and Government Affairs