Nichimen Corp. has agreed to sell its oil-carbon and coal-ore divisions to Nissho Iwai Corp. by the end of the month, the two trading houses said Tuesday.
Financial details of the deal will be made public as soon as they are finalized, the companies said.
The deal is designed to promote operational restructuring and redirect business resources at the two firms, they said.
Nichimen's oil-carbon division deals with petrochemical products, liquefied petroleum gas, cokes, carbon articles and other materials. The division posted a pretax profit of 694 million yen on revenues of 45.13 billion yen for the business year to March 2001.
Its coal-ore division, which deals with coking coals, iron ore, iron sand and gypsum, logged a pretax profit of 234 million yen on revenues of 19.51 billion yen for the same year.