Acknit Industries to Close Manufacturing Unit in Falta Special Economic Zone

Acknit Industries Ltd has announced the closure of its manufacturing unit situated in Unit-1 of Falta Special Economic Zone. The decision comes due to an increase in US tariff and lack of fresh orders from other countries, making the produce from the factory unsustainable in the competitive market. However, the closure will not have a material and adverse effect on the company's profitability as necessary measures are being taken to substitute the manufacturing produces of that particular unit with viable alternatives. The unit contributes insignificantly to the total turnover and net worth of the listed entity.