February 11, 2020 / 1:31 PM / 12 days ago

ABB to shut down plant in Hungary, cutting 1,000 jobs

BUDAPEST, Feb 11 (Reuters) - ABB will shut its factory in Ozd, northeast Hungary, by the end of this year due to falling customer demand, cutting 1,000 jobs, the Swiss engineering company said on Tuesday.

"The decision was made after a thorough evaluation of all available possibilities at Ozd, but particularly in view of changes in customer demand," it said. "As a result, Ozd's volume will continue to decline to the point that it is not viable to keep the plant open."

The factory, which produces miniature circuit breakers for the electrification division, came into ABB's ownership when the company bought the GE Industrial Solutions business in 2018.

The decision will not affect ABB's other business operations in Hungary, it added. (Reporting by Gergely Szakacs, editing by John Revill)

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