JAPAN: Toyobo To Shut Three Cotton Mills
Textile firm Toyobo Co on Wednesday announced it will axe three of its spinning and weaving factories in a move that will cut its domestic cotton spinning capacity by 50 per cent.
The company said it will halt production at the mills in Tokushima, Kagawa and Miyagi prefectures by the end of June when it will transfer their 280 workers to other operations.
Toyobo, which expects its textile operations to result in a $8.4 million loss this year, said it expects to return to the black in fiscal 2003 following a major restructuring exercise.
It added the axing of the mills will slash the number of spindles used for cotton spinning from 215,000 to 116,000 and the number of looms used to weave fabric from 427 to 267.
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