Chemical firm Asahi Kasei Corp. and textile manufacturer Teijin Ltd. said Wednesday they have signed an agreement to set up a fiber joint venture next month.
Tentatively named Solotex Corp., the venture will integrate their polytrimethylene terephthalate fiber operations. It will be capitalized at 250 million yen and open for business June 1, the companies said.
All PTT fiber operations of Asahi Kasei and Teijin, including marketing, production, and research and development, will be transferred to the joint venture, they said.
The venture aims to promote R&D and market development related to PTT fibers, and may also be involved in production and sale of PTT polymer for fiber production, they said.
PTT fiber is a new material that is more elastic, softer and easier to dye than other synthetics, such as polyester and nylon, they said.