ABB to close plant in Hungary, laying off close to 1,000
Karolis Kavolelis / Shutterstock.com
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.
Photo: Karolis Kavolelis / Shutterstock.com
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.
Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1
Bulgaria's Household Income, Spending Rise 20% in 2023
Job Fair and Career Prep at Corvinus Starts Tomorrow
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
