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Electronics Production | December 18, 2008

Videoton with no additional layoffs

Videoton has net assets of around €263 million and does not plan any further redundancies. CEO Ottó Sinkó said that the number of 400 layoffs that were recently announced would not be increased.
He continued in telling local Hungarian media that the EMS-provider had no outstanding loans. Videoton expects to present unconsolidated 2008 revenue of around €353 million, 5% less than in the previous year. Videoton will make fewer new investments in 2009, as the effects of the global economic crisis can not be foreseen. However, resources could be used for acquisitions, the reports continue.

As reported earlier, the Hungarian EMS-provider is also preparing for growing risks. Videoton is to further cut costs and improve efficiency.

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