West Hungary-based hubcap maker Otto Fuchs Hungary will lay off 187 staff within a month, daily Napi Gazdaság reported, citing wire agency MTI.
The company will downsize workforce because it will stop using US cast technology to make hubcaps and stick to making wrought products, MTI reported citing several unnamed sources. The report was neither confirmed nor denied at the company's plant.
Otto Fuchs Hungary was set up under the name SUOFTEC Kft by the US Superior Industries and Germany's Otto Fuchs KG in 1995 and was the world's sole hubcap plant using both technologies. The company manufactures 2.2 million hubcaps a year and employs over 500. In mid-2010 the US owner sold its stake to Otto Fuchs KG, which subsequently became the sole owner.