• Most Popular
  • Most Shared

Mitsubishi Chemical to quit styrene monomer output

Fri May 29, 2009 8:18am EDT

Stocks

   

TOKYO, May 29 (Reuters) - Japan's Mitsubishi Chemical Corp said on Friday it would withdraw from styrene monomer production in March 2011, citing difficulty over profitability amid stiff competition from overseas.

The company also said it would halt production of nylon-related feedstocks caprolactam and cyclohexanone in March 2010. The company currently operates a styrene monomer output facility in Kashima, east of Tokyo, with capacity of 371,000 tonnes a year, and has revenues of around 47 billion yen ($487.7 million) a year.

The moves would have little impact to its earnings, the company said. Mitsubishi Chemical, unit of Mitsubishi Chemical Holdings (4188.T), has already announced plans to exit its paraxylene business and withdraw from production of terephthalic acid, used in making polyester clothing and plastic bottles. ($1=96.37 Yen) (Reporting by Osamu Tsukimori, editing by Anthony Barker)



More from Reuters

Photo

East Coast tunnels out from severe snowstorm

NEW YORK (Reuters) - The Northeast began digging out on Sunday from a massive snowstorm that buried cities from Washington to Boston under as much as two feet of snow, creating travel chaos and hampering Christmas shopping. | Video

A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

Two men shake hands in a file photo.    REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article