Coretronic Corp, a Taiwan-based company that manufactures panels for United States tech giant Apple Inc, is halting production at one of its mainland factories due to dwindling iPad sales.

The plant, located in Nanjing, Jiangsu province, has stopped operations and filed applications to liquidate its assets, the National Business Daily said on Tuesday.

The factory produces liquid crystal display backlight modules for iPads. It has more than 1,500 employees, and churned out 1 million units a month at its peak. It was set up in 2005 by Coretronic (Nanjing) Co Ltd.