fbpx
HomeBusinessPakistan nearing Default: Diamond foam suspends operations due to non-availability of imported...

Pakistan nearing Default: Diamond foam suspends operations due to non-availability of imported raw material

Amid Pakistan nearing default, the Diamond Industries Limited, a significant producer of foam products in Pakistan, has announced that it will cease production as of right now due to a lack of imported raw materials.

In a notice, the company announced the closure to the Pakistan Stock Exchange.

“Due to adverse economic conditions in the country and non-availability of imported raw material, the company has suspended its manufacturing operations for a short term with effect from Tuesday, January 10, 2023, till further notice subject to the availability of imported raw material in the country,” read the notice.


Also Read


The announcement comes after a number of businesses announced shutdowns or production cuts as a result of weak demand and limited inventories.

It is important to note that Diamond Industries has a long history in the nation, having sold foam goods for more than three decades.

According to experts, the industrial sector’s predicament does not appear to be getting better anytime soon.

RELATED ARTICLES

Advertisement

- Advertisment -

Most Popular

Recent Comments