The World economy is shaken by turmoil that is sweeping through financial markets across the globe. This turmoil is also affecting businesses in Iceland and following news about the extraordinary legal measures taken by the Icelandic government allowing the Icelandic Financial Supervisory Authority (FME ) to intervene in the operations of Icelandic financial institutions, Promens would like to clarify the following:

Roughly 98% of Promens’ business is outside Iceland, primarily in Europe. The company’s financing is mainly through the Scandinavian banks DnB NOR and Nordea, and Promens does not need to refinance its loans until 2012.

Although some reduction is being experienced in certain sectors Promens is largely unaffected by the turmoil. Promens has a diversified product portfolio and the company works through three divisions: Packaging, Components and Rotomoulding.

The current development on the financial markets, especially the development in Iceland, will not have any effect on the day to day business of Promens.