Fabchem unit receives clearance to resume partial production
FABCHEM China's Shandong Yinguang Technology Co has received official green light from authorities to resume production of explosives products excluding boosters, the maker of explosive initiation systems, boosters and detonating cords announced on Thursday.
Clearance to resume trading boosters will require additional safety inspections, Fabchem said.
Authorities temporarily stopped all production in October after an explosion at an unrelated booster plant in Linyi City of Shandong Province killed nine and injured two.
Fabchem issued a profit warning on Oct 30 in light of the temporary stoppage. The company expects a negative impact on its financial performance for the quarter ending December and for the fiscal year ending March 2016.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance