Hokuetsu to End Biz Tie-Up with Mitsubishi
Tokyo, July 12 (Jiji Press)--Japanese paper producer Hokuetsu Corp. <3865> said Friday it will end its business tie-up with trading house Mitsubishi Corp. <8058> on July 20.
In July 2006, the two companies formed the tie-up to ward off Oji Paper Co., now called Oji Holdings Corp. <3861>, which proposed business integration with Hokuetsu.
Under the tie-up, Hokuetsu and Mitsubishi cooperated in procuring raw materials and selling paper products in and outside Japan.
Hokuetsu expanded its overseas business by using Mitsubishi's vast business network.
But the advantages of the cooperation have weakened as Hokuetsu has established its own network.
[Copyright The Jiji Press, Ltd.]