Mitsubishi Aluminum announced on Thursday the firm liquidates its subsidiary, MA Fabtec, on January 1st, 2010. Mitsubishi Aluminum withdraws from squeeze casting business as a result of the liquidation. Additionally, Mitsubishi Aluminum’s another subsidiary to manufacture aluminium extrusions, Tachibana Metal Mfg., will close Gotemba plant in Shizuoka, Japan at the end of March 2010 and integrate the operation into Yoro plant in Gifu, Japan. Mitsubishi Aluminum accelerates profit improvement by reorganization of the group companies.
MA Fabtec covers squeeze casting business and heat exchanger business. Major customers have recently shifted to die casting from squeeze casting due to die casting’s low price. Order volume has decreased. Mitsubishi Aluminum decided to withdraw from the business with no expectation for the sales recovery in short term. Meanwhile, MA Fabtec transfers heat exchanger business to its sales subsidiary, MA Trading. As to Tachibana Metal Mfg., current operating rate is at around 60% compared with the peak due to significant demand decline caused by structure change in domestic market and global economy deterioration after Lehman Shock. Tachibana Metal Mfg. reorganizes productive bases to improve profitability. The company will close not only Gotemba plant but a mold plant to purchase molds from third parties. Tokyo branch office will be transferred and shrunk for cost reduction. In addition, the company will withdraw from unprofitable items. As total, Tachibana Metal Mfg. expects for cost cut effect at approximately 20 million yen per month.Japan Steel Scrap Composite Prices (Sangyo Press)
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