Gurit to close automotive production site
Swiss composite materials maker Gurit said Tuesday it will close down its automotive production site in Hungary in the second half of 2020, after finding no suitable buyers.
Gurit announced its decision to divest its composite components business at the end of 2018, with the divestment affecting the Hungarian site as well. Due to the lack of a buyer, it will shut the plant down under its own management in mid-2020, according to a press release on the companyʼs website.
The company says it will make every effort to assist affected staff and will provide separation support when the plant closes. Gurit is also in contact with customers to reassign residual production orders to other suppliers.
The press release adds that the operational performance of the site has grown significantly in recent months.
Headcount at Guritʼs Hungarian unit stood at 125 last year, noted state news wire MTI, citing public records. The unit had net sales revenue of EUR 9.5 million, it added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.