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Rengo pulls out of corrugated container operation in China.

RENGO PULLS OUT OF CORRUGATED CONTAINER OPERATION IN CHINA. Citing poor performance at a joint venture corrugated container company in Beijing, Japan-based Rengo has transferred its share of the company to its Chinese partner. The joint venture was founded in 1993. According to Rengo, cheap product produced by a local competitor has reduced sales, leading to a large operating loss. However, Rengo continues to operate 8 other corrugated container operations in China. The company noted that the Beijing joint venture was facing a transfer due to urban planning for the Beijing Olympics in 2008.
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Title Annotation:INDUSTRY NEWS
Publication:Solutions - for People, Processes and Paper
Geographic Code:9JAPA
Date:Mar 1, 2005
Words:94
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