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AMSTERDAM, Netherlands - Dutch chemicals and nutrients maker DSM NV said Wednesday it will close a citric acid manufacturing plant in Wuxi, China, at the request of the local government there.
DSM spokesman Herman Betten said the city wants to use the location for "urban developments."
He said the company will be reimbursed for the closure of the plant, which employs around 400 workers, and DSM does not expect any loss as a result.
DSM said it would not seek to open a new citric acid plant in China because the market there was currently suffering from an oversupply.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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