TOKYO - Mitsubishi Chemical Corp. has agreed to purchase the thermoplastic polyurethane elastomer business of Wilmington, Mass-based AdvanSource Biomaterials Corp. The move is intended to strengthen the Japanese company's position within the medical sector, a market it believes offers significant growth opportunities for TPUs.

The purchase will be made through its South Carolina-based Mitsubishi Chemical Performance Polymers, Inc., and should be completed by January 2020, according to a news release issued by Mitsubishi.

Financial details were not disclosed.

ASB's TPU business manufacturers products used mainly for medical devices. With features such as bio-compatibility, flexibility and antimicrobial properties, they are suited for applications such as cardiovascular catheters and other devices designed for body insertion.

The unit registered sales of $3 million last year.

MCC's performance polymers business has expanded in recent years in various global regions, mainly through mergers and acquisitions. The business aims to expand its TPU portfolio accelerate its market development by acquiring material certifications and sales channels in the U.S. medical device market.