Spanish press today - The ceramic industry is experiencing a stage of uncertainties27 Feb 2023 11:39
https://www.elperiodicomediterraneo.com/ceramica/2023/02/27/industria-ceramica-vive-etapa-incertidumbres-83675934.html
"The multinational Victoria Ceramics , owner of Keraben , Ibero, Metropol and Saloni, announced through an official statement that, in order to adapt the group's production capacity to the expected real demand, "in the plant it has in Sant Joan de Moró will continue to operate its atomizer, manufacturing red atomizer, and the rest of the products that this plant manufactured (red body and small porcelain formats) will be transferred to the other plants of the Group in l'Alcora and Nules, which will continue to serve all the group's brands."
So, Victoria put out an official press release to Spanish media but hasn't put out an RNS? Interesting... are they flouting disclosure obligations? This story also notes that the European Commission is looking to introduce anti-dumping legislation re tiles coming from TURKEY and India... so won't be as easy to bring in tiles from the Turkish plant as the company believes?
This part in the story also stood out:
The general director of Ceracasa , Carlos Cabrera , explains that "what began as a crisis of energy costs spread to raw materials and supplies, and all of this led to a drop in demand as the markets were unable to absorb the cost increases. Transferring these increases to sales prices means losing competitiveness. "This situation has meant a strong financial weakening of the companies aggravated by the lack of response to the demands of the sector, the insufficient support of the Generalitat and the neglect of companies by the central government ." In short, "the sector is in a worrying situation," says Cabrera.
Good luck all!
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