A decade after it used an acquisition to move into the U.S. magnetic iron oxide manufacturing and marketing business, MITSUI MINING & SMELTING CO., LTD. has pulled out. It sold Pulaski, Virginia-based MAGNOX, INC. to a management-led team for an undisclosed amount. Mitsui Mining will have to take a write-off of $22.5 million when it closes its books for FY 1999. A primary use for magnetic iron oxide is in videocassette tape and audio tape, but the growing popularity of CDs and other media has hurt Magnox's operations.
An exchange rate of ¥120=$1.00 was used in this report.aaaaaa