The Japanese firm Yazaki Slovakia, producer of wire systems for the automotive industry, said it will shut down its production plant in Prievidza and lay off its 1,200 employees. The company's consultant Adam Tkáč confirmed this information for the SITA newswire on April 30.
Yazaki Slovakia has been operating in the Upper Nitra region since the mid-1990s. The plant will be shut down by June 30 of this year. The company explained that the main reason for the step is pressure to reduce prices in the automotive industry which affected market prices of the company's products. The prices are now forty percent below production costs, Yazaki added. The company posted losses of over €18 million, it told SITA.
Source: SITA
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
