Taekwang Industrial announced on the 11th that it will cease production in the low-melting-point fiber sector. The production halt is scheduled for the 30th of this month.
Taekwang Industrial stated, "Due to intensified oversupply and worsening international conditions, a mid- to long-term market recovery is difficult, and continued operating losses are expected if production is maintained." However, they added that although a short-term sales decline is anticipated, long-term profit improvement is expected through strengthening the capabilities of remaining businesses and focusing on new ventures after the production halt.
Taekwang Industrial plans to focus on its remaining businesses and pursue new projects going forward.
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