ABB on Tuesday announced plans to shut down its circuit breaker plant in Ózd (149 km northeast of Budapest), laying off almost 1,000 people, because of falling demand, state news wire MTI reports.
The plant, which ABB acquired the plant from GE Industrial Solutions in 2018, will be shut down at the end of 2020.
ABB said output at the plant has fallen to levels which will soon make it unprofitable. Some of the plantʼs production lines will be relocated to ABBʼs other bases in the region, it added.
The decision will not affect the companyʼs other investments in Hungary.
ABB will help workers at the plant find new jobs or support their retraining.
Industrial C&S Hungary, which operates the plant, booked a HUF 13 billion loss on revenue of HUF 54.3 bln in 2018, public records show.