Toray Industries hopes to see its Chinese sales (including fibres and textiles) soar to Y300 billion ($2.5 billion) by 2010 as it takes advantage of tremendous growth opportunities in this market.

Speaking at a press conference at the company's Osaka headquarters, Sadayuki Sakakibara, president and COO of Toray, said the company's 14 business units in China would become profitable "within the next one to two years."

He added that plans were in place to "increase consolidated sales in China by 50 per cent to Y75 billion ($625 million), and operating profits to Y7.5-10 billion ($62.5-83.3 million)" by fiscal 2004.

Toray chairman Katsunosuke Maeda added that the company's long-term corporate vision for its fibre and textile business - called Project New TORAY 21 -does not involve spinning the business off from the parent or breaking it up in the foreseeable future.