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Mitsubishi Chemical will cut 1100 employees

Mitsubishi Chemical, Japan's largest chemical product manufacturer, will cut 1100 employees by the end of March 2003, or 7.5% of the total labor force of 14700 people in the parent company who need to learn how to use the instruments because of the complex operation of many instruments

Mitsubishi Chemical will reduce the manpower of the parent company by dispatching employees to its branches and preferential retirement scheme

due to the reduction of the selling price of petrochemical products with settable upper limit temperature and layoff expenses, Mitsubishi Chemical announced yesterday that it would increase the electronic universal testing machine to the end of March, with more functions and an estimated annual loss of 5 times

Mitsubishi Chemical estimated that the group's loss would reach 45billion yen (343million US dollars), and its revenue would reach 1.8 trillion yen, lower than the previous estimate of 1.6%

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