Home / Knowledge / News / Textiles / China-based subsidiaries of Mitsubishi Rayon to merge
China-based subsidiaries of Mitsubishi Rayon to merge
29
Sep '09
On September 9, Mitsubishi Rayon received approval from the Chinese government of Jiangsu Province for the merger of its consolidated subsidiaries Nantong Rayon Chemical Co., Ltd. (NRC) and Mitsubishi Rayon Polymer Nantong Co., Ltd. (MRPN), both located in the province. The Company expects to receive a business license for the new entity from the Nantong Administration for Industry & Commerce on September 30.

1. Merger Objective
NRC and MRPN, our leading companies for the production and sale of acrylic polymers in China, have been operating steadily since the commencement of activities. Production in China of PMMA (polymethyl methacrylate) pellets, acrylic sheets and acrylic coating resins has enabled us to expand the growth of the Mitsubishi Rayon Group's MMA business chain. The current merger will integrate the operations of the two companies, which are located in the same industrial park and share the same raw materials, with the aim of further raising operational efficiency.

2. Merger Details
1) Merger schedule
Merger approval date: September 9, 2009
Planned merger date: September 30, 2009

2) Merger format
The operations of NRC will be absorbed into MRPN, with MRPN to be the surviving entity. Regarding NRC, we will begin the registration of liquidation procedures from October 2009, and plan to finish the registration process by the end of 2009.

3) Impact on Performance Results
As a merger of two consolidated subsidiaries, it is expected to have a minimal impact on the Group's consolidated financial results.

For Reference detials click here.

Mitsubishi Rayon Co Ltd


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search