A major manufacturer of foam products in Pakistan, Diamond Industries Limited has announced to suspend its manufacturing operations from today owing to a shortage of imported raw material.
The company informed the Pakistan Stock Exchange about the closure in a notice.
“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.
The announcement follows several companies announcing reductions in production or shutdowns of operations due to slow sales and low inventory.
It is worth noting that Diamond Industries has been known for selling foam products in the country for more than three decades.
Experts believe that the situation of industrial sector does not seem to improve soon.
