Kanebo Spins Off Textile Business
Japan-based Kanebo Ltd., a manufacturer of consumer products and textiles, has announced plans to spin off its textile business into a joint venture that will have 51-percent funding from Japan-based dyeing and finishing firm Seiren Co. Ltd. and 49-percent from Kanebo.The new company will comprise Kanebo Spinning Corp.’s cotton business and Kanebo Gohsen Ltd.’s manmade fibers and resin business. It will produce high-value-added fabrics using Kanebo’s dyeing and finishing, polymer modification, and compound and bicomponent fiber and finedenier spinning technologies. Seiren will contribute its macromolecule and dyeing and finishing technologies.The transfer to the yet-to-be-named joint venture is expected to be completed by July.
May/June 2005