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Acetate Tow JV

5:29 AM MDT | August 31, 2012

Mitsubishi Rayon and Daicel (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, 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, at Toyama, as a wholly owned subsidiary on October 1, 2012. Daicel will take the 35% stake in the new...

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