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In April 2023, Toyobo and Mitsubishi Corporation formed a joint venture, Toyobo MC, and Toyobo's nonwovens business was transferred to the joint venture.
Toyobo and Mitsubishi Corporation established a joint venture, Toyobo MC, in Osaka, starting operations in April 2023, to consolidate their functional materials businesses including polyester spunbond nonwovens.