TOKYO (April 28, 2009)—Fiber maker Teijin Ltd. has begun a restructuring effort that will cut jobs, investments, employee pay and administration costs.
The firm said the companywide reductions are intended to drastically restructure poorly performing polyester fibers, polyethylene terephthalate and polycarbonate resin businesses. The company also wants to restore its aramid and carbon fiber business to a growth track.
Teijin's actions will include companywide cuts in personnel, capital expenditure and administration costs. The company also is cutting pay, using the performance based remuneration system to reduce levels of payment, and is limiting new hires.