Kanebo's synthetic fibre and resins unit, Kanebo Gohsen, has reached a deal to sell its corn-based synthetic fibre license to Japanese fibre maker Toray Industries Inc.

The agreement was signed by Kanebo and Toray on Wednesday, and should be completed by 20 December.

The fibre, produced through fermentation of corn starch, is marketed under the brand name Lactron.

Sales of Lactron were 1.7 billion Japanese yen ($15.8m) for the fiscal year ended 31 March 2004.