Up to 300 workers are to lose their jobs at the Kreenholmi Valduse textile plant in Narva, Estonia, after the company posted poor results.

CFO Aivar Melders said sales had been below expectations, necessitating the job cuts at the factory, which is Narva's biggest employer. They come after 376 jobs were cut at the plant last year.

Reports suggest that Kreenholm, a division of Swedish company Boras Wafveri, posted sales of less than EEK1bn (US$80.4m) last year, after being hit by competition from Asia.

Boras Wafveri is also set to cut 21 jobs in Sweden, according to news reports.