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Mitsubishi Rayon to Sell Acrylic Fiber Subsidiary in China

12:26 AM MDT | October 9, 2009 | Deepti Ramesh

Mitsubishi Rayon says it will sell the equity stake in Ningbo Rayon Acrylic Fibers (Ningbo, China), a wholly owned subsidiary, to two companies -- Nantong Zhongxin Textile and Dyeing (Nantong, China) and Fordking (Hong Kong) -- for a total transaction price of about ¥1.5 billion ($17 million). The move is part of Mitsubishi Rayon’s previously announced efforts to restructure its acrylic fiber operations, as a result of declining demand for acrylic fibers. The share transfer is scheduled for next month, and following the transfer, Nantong Zhongtin...

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