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Mitsubishi Rayon Reports Extraordinary Loss; Executives Take Voluntary Pay Cut

6:12 AM MST | January 19, 2009 | Natasha Alperowicz

Mitsubishi Rayon says it will report an extraordinary loss for the third quarter of fiscal 2008, covering October through December, of Y13 billion ($144.1 million) due to structural problems in the company's acrylic fibers business. Mitsubishi Rayon makes acrylic fibers at Otake, Japan and Ningbo, China, and says it plans to restructure both operations and reduce capacity. The company says that its acrylic fibers operations have been in the red for several years, due in part to the high cost of acrylonitrile, the main raw material used in acrylic fibers, and a...

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