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FINANCIAL NEWS
Companies close shop in Egypt
18 Aug 2013
(MENAFN) Many multinational companies are closing shop in Egypt due to the events taking place in the country, The National reported.
Japanese car manufacturer, Toyota, and German chemical producer, BASF, were among other companies who decided to close down operations in the North African country.
The turmoil pushed other companies to end operations like General Motors (GM) and Suzuki as well as Pegas Nonwovens, a Czech textile company, Electrolux, Swedish appliance maker and Ericsson, a mobile network provider.
The companies closing in Egypt add more pressure to the country’s already struggling economy.
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