TAIPEI (Taiwan News) — China Petrochemical Development Corp. said Tuesday it plans to acquire the remaining stake in Kaohsiung Monomer Co., making the chemical producer a wholly owned subsidiary.

CPDC, which currently holds about 40% of Kaohsiung Monomer, plans to purchase the remaining 60% stake for NT$1 (31 cents). The deal is expected to close on Aug. 3, subject to regulatory approval, according to CNA.

The company said the move aims to strengthen coordination between upstream and downstream production and sales. It is expected to maximize production and sales scheduling and improve operational synergies.

Kaohsiung Monomer will continue its existing operations after the transaction. CPDC said the acquisition is not expected to cause major changes to its finances or business operations.

Founded in 1976, Kaohsiung Monomer is a joint venture between CPDC and the Mitsubishi Chemical Group. The company produces methyl methacrylate, a key raw material for acrylic products, and is Taiwan’s largest specialized manufacturer of acrylic feedstocks, according to 1111.

CPDC operates on a dual-track strategy focused on its petrochemical business and asset revitalization through land development. The company is Taiwan’s only producer of caprolactam, a chemical intermediate used to produce nylon 6 fibers and plastics, according to Pocket Securities.