Victrex, the UK plastics company, on Thursday announced that it was buying out its Japanese partner’s 49 per cent shareholding in its joint venture Victrex MC for £2.3m.

The move strengthens the company’s position in Japan, which is Victrex’s biggest market in Asia-Pacific, its fastest growing region. Victrex MC currently accounts for 70 per cent of Asia-Pacific sales. It will be renamed Victrex Japan.