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Teijin Lowers Profit Projections, Announces Major Restructuring

8:38 AM MDT | May 4, 2009 | DEEPTI RAMESH

Teijin says that its net losses for the fiscal year ended March 31, 2009 will be bigger than previously forecast, and it has announced measures designed to restore the company to profitability within 2-3 years. Plans include short-term restructuring measures, as well as medium- and long-term growth projects, the company says. Teijin expects to record a net loss of ¥43.4 billion ($452 million) for the year ended March 31, compared with a previous net-loss projection of ¥30 billion. Teijin also cut its sales projection to ¥943 billion, from ¥950...

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