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.
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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.
