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Showa Denko's turnaround: a strong focus on electronic materials.(companies)

Next year will mark the end of a six-year restructuring and business growth plan at Showa Denko (Tokyo), a leading producer of aluminum, petchems, specialty chemicals, electronic materials, and inorganics. The two-part program involved a consolidation and debt-reduction effort that lasted from 2000 until 2002, followed by a focus on expansion in selected markets, particularly electronic materials and specialty chemicals, which will continue through 2005. Electronic materials are Showa Denko's "engine of growth," says Mitsuo Ohashi, president and CEO. Electronics reported an 11% operating margin last year, and chemicals 7.5%. The other divisions had operating margins of about ...

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