By Alex Griswold/Business Insider Logistics firm Yusens logistics business, one of the biggest employers in China, has said it will cut its workforce by 1,000 people, or roughly 10% of its total workforce.
Yusen will cut jobs by 2,000 workers, or 10% in total.
The company said in a statement it will “focus on better aligning its production with market conditions, improving our efficiency and ensuring that its products are available to its customers, and its customers are satisfied.”
The announcement came after Chinese regulators ordered the company to suspend imports of nearly all its goods, including cars, trucks and industrial equipment, and shut down its factories in the country.
Yusens products, including foodstuffs, are considered luxury goods in China.
It has been forced to stop some shipments of its products to the United States and the European Union in recent months.
Yusengys products include foodstamps, car parts, and some chemicals.
It employs about 2,500 people and employs more than 2,400 people in China’s manufacturing sector.
The company’s restructuring comes as the global economy struggles to recover from a sharp slowdown in China that has hurt its exports and hurt its ability to compete in international markets.
The slowdown has pushed up import prices in the U.S. and Europe and has led to a sharp fall in the value of the yuan against the dollar, hurting the company’s revenue.
Yussen is also facing pressure from U.K. officials to reduce costs.
The British government said on Thursday that it had warned the company it could be forced to take a “significant hit” if it didn’t make cuts to its supply chain.