Norwegian equipment manufacturer Stranda Prolog has filed for bankruptcy, according to a company press release.
The company, which is partly owned by Icelandic processing equipment giant Marel, cited low orders, cost increases, lack of raw material and staff shortages for its misfortune.
"Stranda Prolog was prepared for continued growth and had a large order reserve when COVID-19 hit," it said. "Order intake was still good at the start of the pandemic, but then became weak."
Reduced order intake, large cost increases on already concluded contracts, a lack of raw materials and labor to complete the projects, gradually affected profitability and liquidity, the company said.
