Mitsui quits optical filters business to cut losses

10 March 2008 05:25  [Source: ICIS news]

SINGAPORE (ICIS News)--Mitsui Chemical plans to pull out from its optical filter business by the end of March to reduce operating losses from high raw material costs and declining profits, the Japanese chemical producer said on Monday.

The TSE-listed firm expected its withdrawal from the flat panel TV display sectors to affect its 2008 financial results, adding that it would correct the year’s outlook accordingly.

Despite Mitsui’s attempt to reduce costs, it could not compensate its deficits due to stiff competition particularly in the LCD (liquid crystal displays) and PDP (plasma display panel) markets, it said. 

This strategic move is part of the company’s 2008 mid-term business plan, which highlighted its intention to expand its functional polymers production and focus on highly profitable sectors.

By: Serene Cheong
+65 6780 4359

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