Power problems hit Carbid Fox stock
Carbid-Fox Targoviste, the only carbide manufacturer in Romania and one of the largest in Eastern Europe, has halted production until February 11. It has been forced to do this because a lack of cash rendered it unable to pay the current power bill to Electrica, which cut off its electricity supply
Carbid-Fox Targoviste, the only carbide manufacturer in Romania and one of the largest in Eastern Europe, has halted production until February 11. It has been forced to do this because a lack of cash rendered it unable to pay the current power bill to Electrica, which cut off its electricity supply. The problems Carbid-Fox is facing were reflected in an almost 20% decline in the company”s shares over the last week. “We decided to halt production because we have large stocks. We usually have trouble selling our products in December and January, because more than 70% of our output is exported, especially to the Arab market, where this time of the year is a holiday season,” explained Ana Borcoman, Carbid-Fox”s financial manager. ZF
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