Zoujaj halts production at Dammam plant

29/04/2018 Argaam

 

The National Company for Glass Industries (Zoujaj) has halted production at its Dammam plant and temporarily reduced the output of some other lines, the company said in a bourse statement.

 

The step comes as a result of current market conditions and lower demand, which has led to higher production costs.

 

The decision will not prevent the company from fulfilling obligations to customers, Zoujaj said.

 

Financial impact of the move will reflect on 2018 results.

 

The company will cover any resulting financial liabilities by cash flows from the Riyadh plant and affiliates, as they haven not been affected by current market conditions.

 

Zoujaj added that it is currently studying a restructuring plan to cut costs.

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