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Sumitomo Chemical swings to profit, will close caprolactam plant in Japan

9:25 AM MDT | May 12, 2014 | Deepti Ramesh

Sumitomo Chemical reports a net profit of ¥37.0 billion ($363 million) for the fiscal year, ended 31 March, compared with a net loss of ¥51.07 billion in the previous fiscal year. Full-year sales increased 14.9%, to ¥2.24 trillion. Figures for the fourth quarter alone have not been disclosed. Separately, Sumitomo has announced that it has decided to permanently close down one of its two caprolactam production lines at the company's Ehime complex, at Niihama, Japan, by the end of 2015, to strengthen the competitiveness of its caprolactam business...

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