Lenzing suspends 2022 guidance due to drastic deterioration of market environment

Fibre2Fashion
September 20, 2022
Category: Business & Politics
Region: International

The Lenzing Group, the world’s leading supplier of wood-based specialty fibres for the textile and nonwovens industries, suspended its guidance for the development of earnings in the 2022 financial year (FY22) in view of the drastic deterioration of the market environment in the current quarter. The further course of FY22 can only be estimated to a limited extent due to the extremely low visibility on the demand side and the high volatility of energy and raw material costs. The war in Ukraine, China’s zero-COVID policy and the significant rise in inflation have had a significant impact on the global economy. …This drastically deteriorated market environment is also increasingly burdening the consumer climate as well as the sentiment in the industries relevant to Lenzing. As a result, the expectations regarding the business outlook declined significantly once again, the company said.

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