Wankai New Materials (SHE:301216) will temporarily reduce PET production by 600,000 tons, representing 20% of its total capacity, for scheduled equipment maintenance.
The move comes as the company responds to current market conditions in the polyester industry, according to a Friday filing with the Shenzhen bourse.
The reduction is expected to "significantly impact" financial performance.
Shares of the packaging materials producer were down 2% in recent trade.
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