Mitsubishi Chemical Corporation (MCC) was formed by the 1994 merger of Mitsubishi Kasei Corp. and Mitsubishi Petrochemical Co. As Japan's largest chemical concern, MCC and its network of subsidiaries manufacture petrochemicals, pharmaceuticals, functional materials and plastic-based products, specialty chemicals, carbon, and chemicals and products used in the electronics industry. The company began restructuring in the late 1990s due in part to weakness in the Japanese economy and is focused on streamlining operations and cutting costs in order to restore profitability.