Asahi Kasei cuts 130 bln yen from planned capital spending for 5 years ending March 31, 2011

As global recession continues to impact demand, Asahi Kasei Corp. has lowered its long-term profit goals and investment plans, by cutting 130 bln yen (US$1.35 bln) from planned capital spending for the five years ending March 31, 2011. The investment outlay planned for the 5 year has been scaled down to 670 billion yen, as Japanese companies cut spending at the fastest speed in 54 years in the three months through March in response to slowing economies. The company plans to merge its naphtha operations with Mitsubishi Chemical Holdings Corp. Naphtha prices will average 30,000 yen/kiloliter this fiscal year, down from the 58,925 yen averaged last year. The company has also reduced sales figures for next fiscal to 1.35-1.5 trillion yen from 1.8 trillion yen. Operating profit target has been reduced from 60-80 billion yen from 150 billion yen.
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