Iran’s oldest tire factory has shut down due to “financial issues “, state news agency IRNA published Wednesday.

Kian Tire was once the “largest producer of off-road tires in Iran” but closed its doors few days ago due to “financial problems and difficulties in the supplies  of raw materials”, IRNA said.

factory was 1958 as a joint American-Iranian enterprise according to its website, the company was known for making tires for “military vehicles and large trucks”, IRNA said.

But due to outstanding bank debts, Kian Tire was expropriated and had been run by the state for the past few years, the agency added.

Iran’s economy has experienced under severe assents that were reimpose by the United States after it singularly pulled out of an atomic arrangement among Tehran and world powers in 2018.

Kian Tire laborers had accumulated Sunday to encourage the state to save the industrial facility, neighborhood media said.

In excess of 1,200 representatives are currently unemployed, as per IRNA.