Mitsubishi polypropylene fiber operations to be spun off
22 Aug '05
3 min read
The management of the newly established company will focus their energies on marketing efforts tailored to the precise requirements of each customer, on developing new products with high value-added and good market potential, and on improving the operation's cost-competitiveness. If the new company can succeed in these respects, it has every chance of expanding its business scale.
Schedule and details of procedure The new company, to be named MRC Pylen Co., Ltd. is scheduled to be established on October 3, 2005. In accordance with the provisions of Article 374-6-1 of the Commercial Code, the Company is allowed to spin off a portion of its business operations as an independent company in this way without seeking the prior approval of its shareholders. All 6,000 shares to be issued by MRC Pylen Co., Ltd. will be owned by the parent company, Mitsubishi Rayon Co., Ltd.
All assets and liabilities held or owed by the polypropylene fiber operating division of MRC, as well as all claims and obligations relating to contracts concluded for the purpose of doing business, will be inherited by MRC Pylen Co., Ltd.
The management of MRC has judged that all liabilities of MRC itself or of MRC Pylen whose date of repayment will arrive following the establishment of MRC Pylen will be repaid in full.
Tokyo based Mitsubishi Rayon Co Ltd offers chemicals, plastics, resins, fillaments and fibers, as well as composite materials, PCBs, and water treatment equipment and systems. The company is also engaged in the production of textiles, principally made from acetate fibers and polyester fibers. By combining various fibers, functional textiles with a variety of textures and colors can be created.
marketing@alchempro.com
