Textile group Boras Wafveri AB is shutting its Ryda plant in Boras, western Sweden, with the loss of 120 jobs.

The decision has been attributed to lower production levels, increased overseas competition, and rising manufacturing costs. The closure is expected to cost around SEK80 million.

Boras Wafveri will instead focus on production at its factory in Estonia.

The company currently employs around 5,600 workers in ten different countries.