THE JAPANESE firm Yazaki Slovakia, a producer of wiring systems for the automotive industry, said it will shut down its production plant in Prievidza and lay off 1,200 employees. The company’s consultant, Adam Tkáč, confirmed this to the SITA newswire on April 30.
Yazaki Slovakia has operated in the Upper Nitra region since the mid-1990s. The plant will be shut down by June 30 this year. The company explained that the main reason for its action is pressure to reduce prices in the automotive industry which has affected the market prices of its products. Prices are now 40 percent below production costs, Yazaki said. The company posted losses of over €18 million last year, it told SITA.
10. May 2010 at 0:00 | Compiled by Spectator staff