Mitsubishi cancels plans for $1.3 billion chemical plant

A proposed $1.3 billion chemical plant in Louisiana has been cancelled by vehicle manufacturer Mitsubishi.

The company originally wanted to produce methyl methacrylate or MMA, a chemical used to produce plastic and rubber products and paints and glazes. But the Japanese conglomerate did an independent report last summer that concluded the plant would not be economically feasible.

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