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Teijin Completes Sale of Indonesian Polyester Fiber Subsidiary

4:23 AM MDT | April 19, 2010 | Deepti Ramesh

Teijin says it has completed the previously announced sale of its 98.7% stake in Teijin Indonesia Fiber (Tifico; Jakarta, Indonesia), a polyester fiber manufacturing company, to four textile manufacturers. The four companies are Prospect Motor (Jakarta), Hermawan Sentral Investama (Bandung, Indonesia), Wiratama Karya Sejati (Bandung) and Pioneer Atrium Holding (British Virgin Islands). The share transfer was completed on April 15. The move was part of Teijin’s program to restructure its polyester fiber business, which was announced in August 2009. The sale...

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