Teijin sets up RI venture

Teijin sets up RI venture

TOKYO (AFP): Japanese textile manufacturers Teijin Ltd. and
Nisshinbo Industries Inc. said yesterday they would set up a
textile dyeing venture in Indonesia in January next year.

PT Gistex Nisshinbo Indonesia will be capitalized at $10
million, with plans to set up a dye works in Bandung on the main
island of Java at a cost of $15 million, the two Osaka-based
companies said in a statement.

The venture will be controlled 60 percent by Nisshinbo, 30
percent by PT Gistex of Indonesia and the remaining 10 percent by
Teijin, Japan's largest polyester manufacturer.

Under the plan, cotton textiles produced at Nisshinbo's other
Asian factories and polyester fiber made by Teijin will be
processed and dyed at the plant, where 250 people will be hired.

The venture plans to start operations in October next year
with monthly capacity to dye 2.5 million meters (8.25 million
feet) of fabric, targeting sales at three billion yen ($23.8
million) a year by 2000.