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Mitsubishi Rayon to Set up New Firm in China
Mitsubishi Rayon Co. announced Tuesday it plans to establish a new company in China in September, together with Marubeni Corp., to produce and sell acrylic resin molding materials at an initial investment of about 30 million U.S. dollars.
The new company, which will be located in Nantong, Jiangsu Province, will be the first foreign-capital-owned acrylic resin molding materials maker in China, Mitsubishi Rayon said.
The new company, to be named Nantong Rayon Chemical Co., will be capitalized at 16 million dollars.
Of the capital, Mitsubishi Rayon will put up 80 percent and Marubeni Corp 20 percent.
The new company is expected to begin operations in the fall of 2003, with targets of 40,000 tons of output and 6 billion yen (49. 8 million U.S. dollars) in sales a year, Mitsubishi Rayon said.
It said the world market for acrylic resin molding materials is estimated to be growing by an annual rate of 3 percent, but the figure in China is some 10 percent.
The new company is part of Mitsubishi Rayon's global business strategy to expand businesses in methyl methacrylate monomers and polymers, its core business segment, Mitsubishi Rayon added.
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