Mitsubishi Rayon, Daicel Firm up Plans for Acetate Tow JV

Mitsubishi Rayon and Daicel Corp. (Osaka) have signed a contract for their previously announced joint venture to produce acetate tow for cigarette filters. The companies signed a nonbinding letter of intent for the jv in October 2011. The new company, Toyama Filter Tow Co., will be a 65–35 jv between Mitsubish Rayon and Daicel. It will be headquartered at Toyama, Japan. Mitsubishi Rayon will spin off its acetate tow production operations, located at Toyama, as a wholly owned subsidiary on October 1, 2012, in preparation for establishment of the jv. Daicel...

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