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Kanebo to sell fiberglass division

Struggling textile maker Kanebo Ltd. said 28 September 2004 that it is to sell its Textoglass glass-fiber division to a subsidiary of cotton spinner Nitto Boseki Co. The sale of Textoglass and Air Wat…

Struggling textile maker Kanebo Ltd. said 28 September 2004 that it is to sell its Textoglass glass-fiber division to a subsidiary of cotton spinner Nitto Boseki Co. The sale of Textoglass and Air Water Inc., another loss-making Kanebo division, will affect some 120 employees. Kanebo is now under reconstruction with help from the government-backed Industrial Revitalization Corp. of Japan, it was reported. Nitto Boseki expects the deal to help boost its production of fiberglass and other industrial materials, according to Kanebo.

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