Hogan Lovells advises Sojitz Corporation on its joint venture with Braskem S.A.
Tokyo, 11 April 2022 – Global law firm Hogan Lovells has advised its long standing client, Sojitz Corporation (Sojitz), on the signing of an agreement to establish a joint venture with Braskem S.A. (Braskem), a market leader and pioneer in industrial-scale biopolymer production, to produce and market bioMEG (monoethylene glycol) and bioMPG (monopropylene glycol).
The joint venture will combine Braskem's expertise in the industrial production and sale of chemicals and plastics made from renewable sources with Sojitz's strong presence in Asia. As Sojitz noted in its news release dated 25 March 2022, the transaction will promote these sustainable materials by leveraging Sojitz’ well-established global customer networks in a wide range of industries, including chemicals, foods/beverages, and apparel, and further Sojitz’ long-term sustainability vision for 2050.
The transaction was a collaborative effort among several Hogan Lovells offices in Tokyo and the United States and was led by Corporate and Finance partners Jacky Scanlan-Dyas (Tokyo), Brian R. Chappell (Baltimore), and Elizabeth M. Donley (Washington DC), with support from IPMT partner Audrey Haroz Reed (Washington DC), counsel Daniel M. Davidson (Washington DC), and associates Viet Nguyen (Tokyo) and Ray Dunn (Tokyo).
Jacky Scanlan-Dyas commented, "We are proud of our long-term relationship with Sojitz and delighted to have supported them on this transaction. Through this joint venture, Sojitz furthers its commitment to delivering environmentally sustainable solutions."