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Business

Teijin takes loss on clothing recycling

by Melody M. Bomgardner
May 23, 2016 | APPEARED IN VOLUME 94, ISSUE 21

Japan’s Teijin will take a $52 million loss on a polyester recycling joint venture in China. The venture, with Jinggong Holding Group, is working to build a business in turning polyester fiber scraps and used clothes back into chemicals. But volatility in polyester raw material prices, low crude oil prices, and the slowing Chinese economy have hampered profitability, Teijin says. The company did not say if it will shutter the plant, which has a capacity of 20,000 metric tons per year.

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