Asia
Taiwan Sytrene Monomer to Suspend Production at Primary Plant as Losses Mount; Shares Plunge 9%
Taiwan Sytrene Monomer (TPE:1310) will suspend production at its primary styrene monomer plant in an effort to curb mounting losses, reduce cash outflow and preserve capital, according to a Friday filing with the Taiwan Exchange.Shares of the chemicals company slumped over 9% in Monday trading.The decision comes in the background of severe and prolonged downturn for the petrochemical industry.The company has cited sluggish demand, intensifying competition and severe overcapacity as factors that have resulted in lower product prices and heightened operational costs.
TPE:1310
