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Ube Industries, Ltd. (President: Kazumasa Tsunemi) today announced that it
has converted Thailand-based subsidiary Ube Nylon (Thailand)
Ltd. (UNT; President: Hajime Morimoto; Rayong Province)
into a wholly owned subsidiary through an acquisition
of shares.
Established in June 1995 with capital of 250 million
bahts, UNT commenced production of Nylon 6 resins in October
1997. At the time of establishment, UBE Group held a 51%
interest in UNT, followed by Thailand-incorporated TPI
Group's stake of 40% and Nissho Iwai Group's 9%. Ube Industries
and Nissho Iwai subsequently acquired TPI's interest in
UNT in September 1999. Ube Industries has now converted
UNT into a wholly owned subsidiary after acquiring all
the shares held by Nissho Iwai.
Ube Industries has been moving quickly to establish a
global nylon supply network. The company already produces
Nylon 6 at Thailand-based UNT, which has a production
capacity of 21,000 tons per year. The company also completed
a Nylon 6 compound plant with capacity of 6,000 tons per
year in March 2002 to meet fast-growing demand in Southeast
Asia for nylon-based engineering plastics used in automobile
components.
Ube Industries is also committed to commercializing
Nylon 6 in Europe. Spain-based subsidiary Productos Quimicos
del Mediterraneo, S.A. (PQM), which specializes in the
production of caprolactam, plans to start operating a
new manufacturing facility of Nylon 6 resin with a capacity
of 10,000 tons per year in spring 2004. PQM plans to increase
capacity by an additional 10,000 tons per year two years
after the completion of the first plant. Ube Industries
is also pressing ahead with the Nylon 12 business in Europe,
with local production scheduled to begin in 2006.
The nylon business is being significantly reshaped by
globalization and fiercer competition, driven by the shift
of production overseas by domestic end users and other
factors.
Ube Industries has moved to convert UNT into a wholly
owned subsidiary to respond promptly to rapid changes
in the nylon business, given its standing as comprehensive
nylon manufacturer with a full range of Nylon 6, Nylon
66 and Nylon 12 products. Equally critical is cementing
its position as a global supplier with superior quality
and cost competitiveness.
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