Recession compels Maritzatex to pull shutters down
31 Dec '08
1 min read
National economies across the globe are currently feeling the pinch of the recession. To cope with the crisis, industries are taking actions according to their suitability. Recently, Maritzatex, the traditional producer of yarns and fabrics has decided to stop production and retrench around 180 workers.
Maritzatex produces various types of fabrics like combed 100 percent cotton yarn, 33/67 and 50/50 cotton/polyester, fine poplin, opal, gauze clith for shirts and blouses, fashionable fabrics for lady's apparel. Even high quality fabrics for raincoats and sportswear from cotton/polyester and with polyester filament, along with furnishing textile and industrial fabrics are also manufactured here.
Available statistics show that the Company has lost nearly BGN1.4 million, in the nine months of the year, depicting a drop from a profit of around BGN299,000 compared to the similar period a year ago. Sales plunged nearly 4 percent year-on-year to BGN3.8 million; where as input cost soared by over 50 percent to BGN5.2 million.
Fabrics and yarns manufactured by Maritzatex are exported to various countries like Italy, Germany and other European markets.
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