Trio-Tech International has closed its Tianjin, China operations as the city imposed lockdown measures for mandatory COVID-19 testing of its residents.
The Van Nuys manufacturer and distributor of semiconductor testing equipment said it will resume operations of its production line once the city government allows for the reopening of businesses.
S.W. Yong, chief executive of Trio-Tech, said that the company is seriously concerned with the threat posed by the spread of COVID-19 and has ensured that stringent health and safety measures are in place at all of its facilities.
“It is the utmost concern of Trio-Tech to defend and support the health and safety of all our employees, customers, suppliers and the Tianjin community as a whole,” Yong said in a statement. “We will actively address this closure and proactively work with our customers and suppliers to manage and minimize the impact of this temporary closure.”
Shares in Trio-Tech (TRT) closed Wednesday down 98 cents, or more than 12.4 percent, to $6.90 on the New York Stock Exchange, on a day when the Dow Jones closed down nearly 1 percent.