TOKYO (NQN)--Sekisui Chemical Co. (4204) said Tuesday it has reached an agreement to buy the chloroethene and other pipe material operations of Mitsubishi Plastics.

Sekisui Chemical will acquire the businesses from Mitsubishi Plastics and affiliated firms, buying shares in four pipe material companies from Mitsubishi Plastics.

Sekisui Chemical is expected to inform the Japan Fair Trade Commission of its plans soon, and aims to complete procedures by the end of the fiscal year.

Sekisui Chemical has not disclosed the cost of the purchase. The two companies set up a joint venture in 2002.

Sekisui Chemical is trying to make its operations more efficient in the face of stronger competition. It hopes the deal will give it better access to raw materials, cut production and distribution costs, and shore up earnings at its pipe material businesses.