Japan’s Teijin is buying out partner DuPont in their two films joint ventures as it aims to become more flexible in a challenging business environment. The company will acquire DuPont’s 40% share in Teijin DuPont Films Japan with immediate effect, and the US firm’s 49.9% interest in Indonesia Teijin DuPont Films following regulatory approval. The JVs will become wholly owned subsidiaries under the names Teijin Film Solutions and Indonesia Teijin Film Solutions.

Sluggish demand driven by a slowing Chinese economy as well as the rise of new Chinese competitors has prompted the move, said the Tokyo-based company which wants to simplify and accelerate decision-making in order to respond faster to customers’ needs. It added that it wants to increase profitability and competitiveness through using materials other than polyester and to promote new business development through external alliances.

The two companies will continue to cooperate on other DuPont-led JVs. DuPont said its negotiations with Teijin predate its merger talks with compatriot firm Dow Chemical.