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Mitsubishi Chemical to quit styrene monomer output

Fri May 29, 2009 8:18am EDT

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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)



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