Japanese fibre maker Teijin has sold out its Indonesian subsidiary as part of restructuring of its polyester fibres business due to stiff competition from China over the last decade.
The new owners of PT Teijin Indonesia Fiber Tbk (TIFICO) are PT Prospecto Motor, PT Hermawan Sentral Investama, PT Wiratama Karya Sejati and Pioneer Atrium Holding Ltd - all of which have textile manufacturing interests.
Teijin explained why the company sold the polyester unit: "It achieved a level of profit lower than expected."
