Recently, Japan's Daicel announced that it will spin off Baoli Plastics and change the company name. Daicel will absorb and merge the engineering plastics business of Poly Plastics, and Poly Plastics will change its name to HPP Holdings Co., Ltd.
On October 16, 2025, Daicel and its wholly-owned subsidiary Baoli Plastics released a restructuring plan, adopting the "acquisition and separation" model. Baoli Plastics will be split into two major segments, one is the engineering plastics business (including the entire chain of R&D, production, sales and related supporting businesses), and the other is the business of holding and managing the shares of Baoli Plastics subsidiaries.
Daicel will absorb and merge the engineering plastics business of Poly Plastics on April 1, 2026, and operate it as the "High Performance Polymers Division".
Following the completion of the spin-off, Poly Plastics will continue to manage its subsidiaries as a holding company and will change its name to HPP Holdings Co., Ltd. effective April 1, 2026.
According to the data, as a world-renowned engineering plastics company, Baoli Plastics was established in 1964 by a joint venture between Daicel and American chemical giant Celanese. Celanese holds 45% of the shares and Daicel holds 55% of the shares. In 2020, based on the "Accelerate 2025" medium-term strategy, Daicel acquired the equity of Poly Plastics held by Celanese for US $1.575 billion and became its wholly-owned subsidiary.
Daicel said that this reorganization is conducive to sharing the proprietary knowledge of both parties in the field of engineering plastics technical services and solutions, strengthening the linkage between Daicel's safety business and materials business, optimizing talent training and use, and improving efficiency to maximize corporate value.