Mexican conglomerate Alfa SA is to rename its synthetic fibres division after buying out the stake held by joint-venture partner Teijin Ltd.

Alfa said that its petrochemical unit Alpek had acquired Teijin's 75 per cent stake in Akra Teijin, and added that it will rename the company Akra Polyester.

The 1999-established joint venture makes polyester filament and other synthetic fibres.

The fibres unit, which recorded sales of approximately $238 million last year, has an annual capacity of 180,000 metric tons.

Teijin will take an extraordinary charge of JPY12 billion for the year ended 31 March 31 connected to its exit from the joint-venture.