P.M. BRIEFING : Japanese, British Firms to Link
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TOKYO — Ube Industries Ltd., a Japanese maker of chemicals, cement and machinery, established a joint venture with Britain’s Marubeni Corp. to provide plastic composites to users in Europe such as auto makers and producers of office automation equipment, the companies announced today.
The joint venture, European Technological Composites Ltd., is capitalized at $3.9 million, with Ube Industries holding a 70% stake. Marubeni holds the remainder.
The joint venture aims to build its own plant in the United Kingdom, which is expected to produce plastic composites such as polypropylene composites beginning in April, 1992. Combined output at the new plant is seen as about 6,000 metric tons in the initial year, an official at Ube Industries said.
Ube Industries and Marubeni established a joint plastic venture in Nashville, Tenn., in 1985.
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