Another firm shuts down in Pakistan due to import ban
KSB Pumps company announced that it will shut down its Hasanabdal production plant in Pakistan.
ANI
Jan 03, 2023 07:41 IST
Islamabad [Pakistan], January 3 (ANI): After Pak Suzuki Motor Company Limited, engineering services company KSB Pumps Company Limited also announced that the production plant would shut down due to an import ban, ARY News reported.
KSB Pumps company announced that it will shut down its Hasanabdal production plant in Pakistan.
The Frankenthal-based multinational engineering services company, KSBP, is a subsidiary of KSB SE and Co. KGaA is a manufacturer of industrial pumps, valves, castings and related parts and after-market services, according to ARY News.
The company, in the statement, said that this will be a temporary suspension till further notice, due to import restrictions. The company will resume operations as soon as the market situation improves and staff may be readily recalled on short notice, it read.
Earlier, an automobile company, Pak Suzuki Motor Company Limited, announced to shut down its production plant from January 2 to 6.
Pakistan Suzuki Motors wrote a letter to the Pakistan Stock Exchange (PSX) that the production process of cars and motorcycles will be completely shut down from January 2 to 6, according to ARY News.
According to the automobile company, the management decided the shut down due to conditional permission for the imports of the auto parts and completely knocked down (CKD) kits. The firm stated that its supply chain is affected due to the State Bank of Pakistan (SBP) restriction.
The company further added that the restrictions are affecting the export consignments
In December, another automobile firm, Indus Motor Company (IMC), announced to shut down its manufacturing plant for 10 days due to the ban on imports of completely knocked down (CKD) kits by the central bank.
The Indus Motor Company, the maker of Toyota vehicles, has announced the ban on their manufacturing plant from December 20 to 30. It stated that the decision was taken after a ban on the imports of completely knocked down (CKD) kits by the State Bank of Pakistan (SBP), ARY News reported. (ANI)
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