Asahi Chemical has formally decided
to close two subsidiaries located in western Ireland,
Asahi Synthetic Fibers (Ireland) Ltd., for production
of acrylic fiber, and Asahi Spinning (Ireland) Ltd.,
for production of acrylic yarn.
Both subsidiaries were established
in 1974 and began operation in 1977. Deteriorating profitability
led to deep restructuring in 1981, including expansion
of marketing capabilities. This resulted in a period
of stable operation; but in recent years intensifying
competition, steeply rising raw materials costs, and
unstable European currencies have left little prospect
that acceptable operational performance could be restored.
To avoid closure of operations, a buy-out
by management and employees was proposed, and the possibility
was examined by employees and the Irish government,
but it was not possible to reach the necessary accord
for this purpose among all of the parties concerned.
| |
Asahi Synthetic Fibers |
Asahi Spinning |
Establishment
|
May 1974
|
May 1974
|
Location
|
Killala, County Mayo, Ireland
|
Killala, County Mayo, Ireland
|
President
|
Takashi Aizawa
|
Takashi Aizawa
|
Paid-in capital
|
IrP 7.5 million (1.3 billion yen)
|
IrP 3.0 million (500 million yen)
|
Ownership by Asahi Chemical
|
85%
|
85%
|
Net sales
|
IrP 25.3 million (4.4 billion yen)
|
IrP 4.4 million (800 million yen)
|
| No. of employees |
180 |
120 |
|
