Wuxi, China – Uoli Investment Holding, one of China’s largest PU elastomer makers, partially suspended production at two of its subsidiaries in Wuxi, Jiangsu in December.
The suspended capacity adds up to 11,200 tonne/year, out of the company’s 29,400 tonne/year total. The decision was made to “cut losses in a depressed PU elastomer market,” said the company’s statement.
Over the first nine months of 2016 one of the subsidiaries saw CNY36m ($5.2m) net loss on CNY470m revenue, the other reported CNY49m net loss on CNY118m revenue.
“The length of the suspension is yet to be determined and the resumption of production will be based on market conditions,” said the statement.
Exchange Rates: Xe.com 4 January, 2017
