The economic crisis has impacted many businesses. Numerous industries such as Millat Tractors, Toyota Motors, Suzuki Motors, and Indus Motors suspended their operations in Pakistan due to high inflation rates, and a ban on imported raw materials. This situation has created immense trouble for businesses in Pakistan.
Now, another industry, KSB Pakistan suspends production which is the largest manufacturer and supplier of machinery parts such as valves, pumps, and system solutions in the market for over six decades.
KSB Pakistan announced to Pakistan Stock Exchange (PSX) that it will suspend its operations at the Hassanabdal plant from January 2nd. The company stated, “Due to import restriction, KSB Pakistan has temporarily suspended the plant operations at Hasanabdal till further notice w.e.f January 02, 2023.”
Its major clients in the automotive industry, such as Suzuki, Millat Tractors, and Indus Motors, have all reduced production citing economic challenges and lack of demand.
Moreover, the company states that it will resume its operations as soon as the market gains some stability and the company will call its employees immediately in that situation.
