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MRC transfer marketing of acrylic filaments & synthetic leather

Mar '07
Mitsubishi Rayon Co Ltd (MRC) has decided to transfer the responsibility for marketing its acrylic filament products and its synthetic leather products to its existing subsidiary Mitsubishi Rayon Textile Co Ltd. (which has hitherto handled only the wholesaling of fabric) through the corporate divestiture method, with effect from April 1, 2007.

Objectives of Transfer - Since 1971 the Company's SILPALON acrylic filaments have been popular in the high-class knitted fashion world, thanks to their superior glossiness, bright colors, and silky feel.

In addition, Mitsubishi Rayon's synthetic suede, made from ultrafine acrylic fibers and sold under the name GLORE, has found many uses in the fields of high-class apparel and upholstery, thanks to various unique qualities possessed only by acrylic fibers, as well as the fact that it is manufactured in an eco-friendly way, without the use of any non-biodegradable organic solvents.

With the two-fold objective of enhancing the profitability of these two businesses by creating a more efficient operating framework, and strengthening the consolidated group's textile operations, MRC has decided to transfer the responsibility for the marketing of SILPALON and GLORE (both handled up to now by the Company's Fibers Operations Division), to Mitsubishi Rayon Textile Co Ltd. through the corporate divestiture procedure.

The management of Mitsubishi Rayon Textile intends to take advantage of this move to leverage synergies arising between the materials it has handled up to now with SILPALON and GLORE, and to make use of the resulting stronger business portfolio to expand its business operations.

Outline of planned corporate divestiture procedures
Schedule of divestiture:
April 1, 2007 : Date on which divestiture is to take effect
April 13, 2007 : Registration of divestiture

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