Rain Carbon announces temporary closure of unit in Europe

Rain Carbon Inc., a leading global producer of carbon-based products & advanced materials and wholly owned subsidiary company of Rain Industries Limited, today announced that it has temporarily closed an operating unit in Europe and is developing additional energy-related contingency plans for its other European production units in anticipation of potential natural gas shortages and price spikes during the upcoming winter months resulting from the unprecedented and unpredictable geopolitical environment.

"Given the severe natural gas situation in Europe - the expected decrease in consumer demand during the cold winter months for certain products and the risk of continued increases in gas prices - we have conducted a thorough analysis of the energy-intensity of each production unit at our European plants and are closely evaluating whether it makes economic sense to temporarily reduce or shut down additional production lines in the event the situation worsens," said Rain Carbon President Gerry Sweeney.

Rain Carbon's European footprint is essential to the company's global operations, and these decisions are being made be taken to ensure the long-term viability of operations. Additionally, the company is closely monitoring its suppliers and customers, as some of them are taking similar actions that could indirectly or directly impact operations as well. Any measures taken are expected to be temporary, and Rain Carbon is fully committed to returning to full operations when the situation improves.

Source : Equity Bulls

Keywords

RainIndustries RainCarbon Europe UnitClosure ContingencyPlan NaturalGasShortage Winter