Tokyo, July 11, 2008 (Jiji Press) - Japanese chemical maker Kaneka Corp. <4118> said Friday it will sell its polystyrene paper business to Sekisui Plastics Co. <4228> by the end of January 2009.
The sale of the business, currently operated by Sunpolymer Corp., a fully owned subsidiary of Kaneka, is aimed at strengthening competitiveness in an increasingly tough business environment amid rising material costs.
Further details, such as the sale price, are to be decided, Kaneka said.
In the year ended in March 2008, Sunpolymer logged sales of 7.8 billion yen.
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