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ABB announced plans to shut down its circuit breaker plant in Ózd (One hundred and forty-nine km northeast of Budapest), Almost 1,000 people were fired, 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 helps factory workers find new jobs or support their retraining.
Industrial C&S Hungary, which operates the plant, booked a 43 million $ loss on revenue of 178 million $ in 2018, public records show.
Source: Business journal website