18 November 2008 09:55 [Source: ICIS news]
TOKYO (ICIS news)--Japanese chemical producer Showa Denko will liquidate its wholly-owned subsidiary Showa Denko Plastic Products (SPP) by April 2009 as it has completed the handovers and withdrawals of all of its operations, the company said on Tuesday.
The operations of SPP, a manufacturer of synthetic resin products such as medical packaging, have been sold to various companies in the past years.
In November 2006, SPP handed over its medical packaging operation to Hosokawa Yoko Co, while the firm sold the business rights of its food dehydration sheet to rubber products maker Okamoto for an undisclosed amount the following month, according to Showa Denko’s website.
A decision to liquidate SPP was made at a stockholders’ meeting on Monday, the company said.
The liquidation would only have a small impact on Showa Denko’s consolidated business results, the producer added.
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