Bulgaria’s Maritsatex Stops Textile Production, Lays off 180

In a statement to the Bulgarian Stock Exchange’s X3 News information service announcing the decision of its board of directors the company did not say what the total number of its employees is. Maritsatex officials  were not immediately available to comment.

The company, based in the city of Plovdiv, in southern Bulgaria, posted a net loss of 1.414 million levs ($1.01 million/722,600 euro) in the first nine months of 2008.

The textile industry is among the sectors of Bulgaria's economy worst hit by the global downturn. Industry officials have said that 30% to 50% of those employed in the sector could lose their jobs.

Maritsatex is part of Bulgaria's Industrial Holding Doverie, majority-owned by local industrial group Doverie Obedinen Holding. Doverie Obedinen Holding has around 50 subsidiaries operating in the textile, food, construction, health care, pharmaceutical and tourism sectors.

Maritsatex stock, listed on Bulgarian Stock Exchange, added 5.26% to 10.0 levs closing on Tuesday. The statement was released before the end of the trading hours on the bourse.

(1 euro = 1.95583 Bulgarian levs)