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Markets :: Plastics :: Polystyrene
Teijin Reports First-Quarter Loss; Announces Restructuring Plans
5:40 AM MDT | August 3, 2009 | Deepti Ramesh
Teijin recorded a net loss ¥18 billion ($186 million) for the first quarter ended June 30, 2009, compared with a net profit of ¥2.7 billion in the corresponding period of the previous fiscal year, on sales down 30%, to ¥166 billion. The company also announced several plans to restructure its businesses, which include dissolving the company’s monofilament subsidiary in the U.S.; stopping production of polyester filaments and polyester staple fibers at the company’s plant at Ehime, Japan; and dissolving the company’s textile yarns...
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