September 18 (SeeNews) - Bosnia and Herzegovina's diversified company Prevent, a unit of German-based Prevent Group, will close its textile factory in Buzim, weeks after the group closed another factory in the country, local media reported.
The company's management decided to close the plant due to difficulties related to inflation, the global economic crisis and changes in the markets where the factory did most of its business, news provider Indikator reported last week.
The Buzim factory employs 70 people.
Car materials producer Prevent Leather, a Bosnian unit of Prevent Group, said in late August it will close its factory in Visoko. The company has encountered a continual decrease in orders since the Covid-19 pandemic, and the impact of inflation and global crises has additionally disrupted the factory's operations, Prevent Leather said in a statement sent to SeeNews back then.
Prevent Group employs about 6,000 people in its 18 subsidiaries in Bosnia. The group also has production facilities in Sarajevo, Zenica, Gorazde, Travnik, Jelah, and Srebrenica.