Japanese fibre maker Teijin Limited has sold its entire stake in its Indonesian subsidiary as part of restructuring of its polyester fibres business.

The new owners of PT Teijin Indonesia Fiber Tbk (TIFICO) are PT Prospecto Motor, PT Hermawan Sentral Investama, PT Wiratama Karya Sejati and Pioneer Atrium Holding Ltd - all of which have textile manufacturing interests.

The vertically integrated business unit, which was set up more than 30 years ago, produces polyester fibre, from spinning to weaving and dyeing.

But over the last decade it has struggled against tough Chinese competition and "achieved a level of profit lower than expected," Teijin said.

Once the sale is completed, Teijin's polyester fibres business will have an R&D base in Japan, a main production base for filament yarn and staple fibres in Thailand, and a network of other plants for subsequent processing and finishing in Japan, China and South East Asia.