Videoton shuts down PCB unit
Monday, August 29, 2005, 00:00
Contract electronics manufacturer Videoton has shut down and started liquidation at its printed circuit board unit, VT-Circuits, because it was unable to compete with cheaper Asian producers. Videoton announced it would close the unit, in which it owns 80% and Germany's RS Engineering owns the rest, early August. CEO of Videoton Holding Otto Sinkó said the unit had heavy losses, and added that PCB production is slowly disappearing from the EU and being transferred to Asia. Sinkó said some of VT-Circuits 185 employees have found work at other Videoton members.