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Business

Teijin Fibers Go To Indonesian Firms

by Jean-François Tremblay
January 4, 2010 | A version of this story appeared in Volume 88, Issue 1

Japan’s Teijin will transfer ownership of its Indonesian polyester subsidiary Tifico to four Indonesian firms with interests in the textiles business. Unprofitable for at least three years, Tifico posted a net loss of $58 million in 2008 on sales of $301 million. Teijin says it will continue to support Tifico by offering technical assistance and importing its polyester fiber. The Japanese firm expects to post a $175 million restructuring charge. Teijin launched Tifico in the early 1970s, but the unit has been unable to compete against China during the past decade.

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