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Teijin To Acquire Monofilament Business

Japan-based Teijin Ltd. has entered into a basic agreement to acquire the monofilament business of Johns Manville Corp., Denver. Teijin will obtain all property relating to Johns Manvilles monofilament business including its monofilament operations in Germany and Spartanburg, S.C. The agreement remains subject to regulatory approvals in Germany and the United States. Financial details were not disclosed.The facilities in Germany and Spartanburg, S.C., will be renamed Teijin Monofilament Germany GmbH and Teijin Monofilament U.S. Inc., respectively.To date, Teijin Monofilament has been marketing mainly to customers in Japan. The polyester monofilament business of Teijin and Johns Manville together account for 25 percent of the present worldwide market for these materials, said Shosaku Yasui, president, Teijin. This agreement with Johns Manville is part of our strategy to better position Teijin to meet increasingly diverse customer needs throughout the world.

January 2001