Toray Industries, Inc., (headquarters: Chuo-ku, Tokyo; President: Akihiro Nikkaku; hereinafter referred to as "Toray") recently announced that its textile manufacturing subsidiaries in Thailand - Thai Toray Textile Mills Public Company Limited (headquarters: Bangkok, Thailand; President: Norikazu Masui; hereinafter referred to as “TTTM”) and Luckytex (Thailand) Public Company Limited (headquarters: Bangkok, Thailand; President: Akihiro Maekawa; hereinafter referred to as “LTX”) - confirmed the policy to integrate the management of the two companies at the respective board of directors meetings and approved to convene extraordinary general shareholders’ meetings for the integration.
Going forward, the companies will drive forward the prescribed procedures for management integration including approval by the general shareholders’ meetings at the two companies and aim to start operations as a new company in July 2019.
Established in 1963, TTTM is engaged in spinning, weaving and dyeing of polyester/rayon (T/R) blended fabrics as well as manufacturing of polyester filament and spun knitted fabrics. LTX was established in 1960 and is engaged in spinning, weaving and dyeing of polyester/cotton (T/C) blended fabrics as well as manufacturing of polyester filament fabrics and air-bag fabrics.
The Toray Group entered Southeast Asia ahead of other Japanese companies and built the foundation to expand the business of high-quality T/C and other textiles throughout the world. Among these Southeast Asian countries, Thailand is the first business base of the Group and it boasts a long history of growing its business concurrently the economic development of the Kingdom of Thailand. At the same time, the business environment surrounding the T/R and T/C blended yarns requires strengthening of product development ability and competitiveness due to the intensifying competition. The management integration agreed upon by the two companies is aimed at enhancing material lineups in both apparel and industrial applications and strengthening product development capability. The companies also aspire for dramatic growth as a new comprehensive textile manufacturer by strongly driving forward the integrated materials and garments business by further reinforcing the cooperation within the Toray Group. Toray will announce the name of the new company and the scheduled date of starting operations immediately after the formal procedures are complete.
SOURCE: Toray Industries, Inc.