Japanese Diamond Firm to Set up Subsidiaries in US, China

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Last updated at: (Beijing Time) Tuesday, July 16, 2002

Japanese Diamond Firm to Set up Subsidiaries in US, China

Asahi Diamond Industrial Co., Japan's largest maker of diamond-tipped tools, said Tuesday it will set up one subsidiary each in the United States and China this month.

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Asahi Diamond Industrial Co., Japan's largest maker of diamond-tipped tools, said Tuesday it will set up one subsidiary each in the United States and China this month.

The US unit, Asahi Diamond America Inc., will be formed in the state of Ohio and owned wholly by Asahi Diamond, it said. The new firm will engage in marketing of diamond-tipped tools.

The Chinese unit, Shanghai Xu Hui Diamond Industrial Co., will be established in Shanghai. It will deal with production and marketing of diamond dice.

The company also said it will liquidate its loss-making US unit,Permattach Diamond Tool Corp., in August, while reorganizing its operations in East Asia and Oceania.

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