Polyester and nylon yarn producer Unifi Inc. (nyse: UFI - news - people) said on Tuesday it ended talks to set up a joint venture in China and plans instead to set up its own subsidiary to speed up its entry into the Chinese market.

    Unifi said it ended discussions with Guangdong Kaiping Polyester Enterprises Group and Guangdong Kaiping Chunhui Co. Ltd for a venture in which it would own a 75 percent stake as well as a direct interest in Chunhui.

    The company, based in Greensboro, North Carolina, said it now plans to set up its own yarn-producing business in China and expects to announce a location shortly.