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Mitsubishi Rayon Reports Extraordinary Loss

12:50 PM MST | January 23, 2009 | NATASHA ALPEROWICZ

Mitsubishi Rayon says it will report an extraordinary loss of ¥13 billion ($144 million) for its fiscal third quarter ended December 2008, due to structural problems in its acrylic fibers business. Mitsubishi Rayon makes acrylic fibers at Otake, Japan and Ningbo, China, and the company says it plans to restructure both operations and reduce capacity at both sites. The company says 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 shift in...

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