Business as usual for Assomac members

Italy
Published:  13 March, 2020

The Italian Association for Manufacturers of Footwear, Leather Goods and Tanning Machinery (Assomac) said it is business as usual for its member companies despite the nationwide lockdown imposed by the Italian government.

“Our country is coping with an unprecedent health emergency, forcing us to change our daily routine; a tough situation, an unwanted health emergency never met before in our recent history”, said Assomac in a statement, highlighting that the Italian manufacturers of machines and technologies persevere with their businesses to guarantee services to their clients.

Italy’s death toll from the coronavirus epidemic shot past 1,000 on March 12, and the economic impact on the nation is reported to have worsened, with much of the country at a standstill. The Milan stock exchange closed at -16.9% on the day, the FTSE-Mib index falling to 14,894 points, representing the steepest single-session drop since the index was created in 1998; the previous record (-12.4%) was set the day after the Brexit vote in June 2016. On the same day the London stock exchange closed at -10.9%, and Paris and Frankfurt were both down 12.2%. Some €68 billion in value were reported to have been lost on the Milan stock exchange.