Teijin expands fiber production capacity<\/p>\n
JAKARTA (JP): Publicly-listed PT Teijin Indonesia Fiber
\nCorporation (Tifico) began on Wednesday a US$20 million project
\nto expand its polyester staple fiber plant.<\/p>\n
When completed in 2002, Tifico's capacity will rise to 355
\ntons a day from 235 tons at present, the company said during a
\ngroundbreaking ceremony witnessed by Coordinating Minister for
\nthe Economy Rizal Ramli at the plant in Tangerang and Japanese
\nAmbassador to Indonesia Takao Kawakami.<\/p>\n
Tifico, established 25 years ago, is now 93 percent owned by
\nthe Japanese-based Teijin Ltd, one of the world's largest textile
\ncompanies. Besides polyester staple fiber, the company also
\nproduces polyester filament yarns at a rate of 210 tons a day.<\/p>\n
Rizal in his address hailed Teijin's decision to expand in
\ndefiance of the gloomy outlook for foreign investment often
\nportrayed by the media.<\/p>\n
"Tifico has proven (such opinions) wrong," he said, adding
\nthat the expansion project was a symbol of Tifico's continued
\ntrust in the Indonesian economy.<\/p>\n
Shosaku Yasui, president and chief executive officer of Teijin
\nLtd, said that in spite of the political instability, the
\ncompany's 25 years of experience in Indonesia had given it the
\nconfidence needed to continue its operation in the country.<\/p>\n
"We will not stop, and we continue to believe in the future
\ndevelopment of Indonesia," he said, pointing to the fact that 75
\npercent of Tifico's output is exported.<\/p>\n
Tifico, founded in 1973 as a joint venture involving Teijin
\nLtd, went public by listing at the Jakarta Stock Exchange in
\n1979. In October, Teijin injected an additional $40 million to
\nincrease its stake in the Indonesian company. (03)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/teijin-expands-fiber-production-capacity-1447893297",
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"sponsor": "Okusi Associates",
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