March 20 (SeeNews) - Croatian manufacturer of plastic products for the automotive industry AD Plastik [ZSE:ADPL-R-A] said on Friday it is suspending most of its operations in Croatia, Serbia and Hungary as its global customers halt production due to the coronavirus crisis.
"In accordance with the stoppage of production of our customers, the world's most renowned car manufacturers, we would hereby like to inform the investment public that we are consequently forced to stop most of our production at production sites in Croatia, Serbia and Hungary for a while," AD Plastik said in a statement.
"Unfortunately, at the moment we cannot predict the duration of this situation at our production sites, as it depends primarily on the global market situation and the activities of our customers."
AD Plastik said that for the time being the work of its Russian production sites remains unaffected by the crisis. The company also said that it is communicating on a daily basis with customers and suppliers and is ready to resume operations as soon as its customers request first deliveries.
AD Plastik has eight production plants in five countries - three in Croatia, two in Russia, and one each in Hungary, Serbia and Romania. It employs some 2,900 workers.
The company's shares traded up 2.78% at 111 kuna ($15.6/14.6 euro) by 13:00 CET on Friday on the Zagreb Stock Exchange.
AD Plastik's consolidated net profit rose 10% to some 99 million kuna in 2019.
(1 euro = 7.61117 kuna)