Taekwang Industrial Halts Production in Low-Melting-Point Fiber Sector
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.
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Taekwang Industrial plans to focus on its remaining businesses and pursue new projects going forward.
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