Five Japanese cigarette filter units to merge in April
Japan Tobacco Inc said on Thursday its five unlisted subsidiaries making cigarette filters will merge next April to improve price competitiveness.
The five -- Tokyo-based Japan Filter Technology Ltd and Neo Filter Co Ltd, Osaka Filter Co Ltd, Kyushu Filter Co Ltd and Tohoku Filter Co Ltd -- will sign a merger agreement in December, a JT spokesman said.
JT, which owns about 80 percent of each of the five, has no plans to close factories or lay off any workers following the merger, he said.
The merged firm will be capitalised at 500 million yen and will operate six cigarette filter manufacturing plants in Japan.