Pro-Gest, Italy’s leading player in the paper industry, announces that production at the Group’s 6 paper mills operating in Italy will be suspended due to the further increase in natural gas prices. Following the rapid escalation of natural gas prices, now at historic highs, Pro-Gest is resorting the force majeure and deciding to temporarily stop production of all 9 of its corrugator and tissue paper machines.
The Group reports that: “We are closely monitoring the war situation and are deeply saddened for the Ukrainian people hoping for an immediate solution to the armed conflict. Also because of the severe tensions we are witnessing, we have to record that the price of natural gas, now more than 10 times higher than twelve months ago, has tripled in little more than a week. In this context we regret having to announce a temporary halt in our production. We will do our best to support our customers by assessing the delivery situation on a case by case basis. We sincerely hope to be able to resume production as soon as the situation allows. Our plants for the production of packaging are not involved at the moment and will remain in regular production for the time being”.
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