Press Release from the Chief Executive Officer

Scanzorosciate, 29 August 2022

Polynt SpA, headquartered in Scanzorosciate (BG), a company producing composites and intermediates for specialty chemicals with 3,300 employees worldwide across 38 plants, has announced to its approximately 1,000 Italian employees that it is forced to temporarily shut down certain production plants due to dramatically increased gas costs. These cost increases have made the company no longer competitive compared to imported products arriving from Asia, Turkey, or the Americas, where gas costs have remained substantially unchanged at around 30 dollars, compared to the approximately 300 dollars paid in Europe.

This situation has pushed some products completely out of the market. There would be the possibility of using alternative energy sources, such as raw materials other than methane, but current national, regional, and local regulations do not allow their use. The rigidity in the application of these regulations provides no flexibility, while producers in other countries use even coal or other highly polluting fossil fuels and then export highly competitive finished products to Europe.

It is clear that we do not wish to return to the days of polluted cities, but, while waiting for clean energy to become universally available and affordable, the question remains: how can we continue operating and safeguard our businesses and the jobs they generate?

We believe that a serious and rapid debate is necessary to immediately reopen the possibility—under conditions acceptable for the environment and local communities—of using alternative raw materials to methane, compatible with the economic requirements needed to sustain production during this transitional phase. Politics and social stakeholders should move beyond the many promises and statements made during this period and take immediate practical action to safeguard what we all share: employment.

We cannot wait for elections to determine a new government, then wait for ministerial appointments, then wait further for analysis and action plans to be prepared.

In the meantime, many companies will see their financial stability collapse. There is an urgent need to act now—first at a local level—to determine what is feasible in the short term, while waiting for broader macroeconomic solutions at the national level.

Kind regards,
Rosario Valido
President and CEO, Polynt Group

Press Release – 29.08.2022