Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Mitsubishi Rayon Writes Down Assets

by Jean-François Tremblay
January 26, 2009 | A version of this story appeared in Volume 87, Issue 4

Mitsubishi Rayon will post hundreds of millions of dollars in losses in the third quarter of the fiscal year that ends March 31. The Japanese firm is in the process of acquiring Lucite, an acrylic plastics maker and the world's leading producer of methyl methacrylate, for $1.6 billion. It will post a charge of about $145 million related to a larger than 50% cut in acrylic fiber capacity in Japan and China. In addition, Mitsubishi Rayon is writing down the book value of its shareholding in other companies from $445 million at the end of the second quarter to about $115 million. The company's directors and executive officers have agreed to salary cuts of 10 to 20%.

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.