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Raw material markets and supply chains have been tight for months due to the pandemic and the situation deteriorated further due to sanctions imposed on Russia after its invasion of Ukraine, Chief Executive Nikolai Setzer told shareholders.
He added that lockdowns in China due to the most recent pandemic wave have blocked supply chains even more.
“If the geopolitical situation in Eastern Europe remains tense or worsens, this may cause further lasting disruptions to production, supply chains and demand,” Setzer said at the company’s annual general meeting.
($1 = 0.9459 euros)
