Tokyo, Japan, Oct 15‹DuPont is dissolving a Japanese nylon making joint venture with Japan''s second largest maker of synthetic fiber, Teijin, Ltd. Under an agreement between the two firms, Teijin will buy DuPont''s 50% stake for an undisclosed sum on November 1 and continue operations until the end of December, 2003.
The venture‹which is capitalized at 3.5 billion yen ($28.15 million) and generates annual sales of about 13 billion yen‹has been hit by a steady fall in domestic demand for nylon fiber used in carpets and clothing.
The venture''s work force of about 200, including those at its factory in Japan, will get work with either Teijin or DuPont.
In August, Teijin forecast a group net profit of seven billion yen for the year through next March, compared with a profit of 975 million yen a year earlier.
The firm ruled out the possibility the move would have an impact on another Teijin joint venture with DuPont, DuPont Teijin Films, which produces polyester film.
