Executives who run Oatly Group AB’s China operations are considering a buyout of the company’s Greater China business, according to people familiar with the matter. The people said potential buyers are working toward a transaction and are seeking to complete an acquisition of the Greater China unit as soon as this year, though talks are ongoing and may not result in a deal.

An Oatly representative referred to the company’s latest earnings report released in April, which said the group is continuing to evaluate options for its China business, including a possible separation, and would update the market as appropriate. Oatly began reviewing its Greater China business last year, with options under consideration including a potential separation.

In the most recent quarter, Greater China revenue fell 2.1% from a year earlier to $29.3 million, which the company attributed mainly to lower sales in its foodservice channel.