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Electronics Production | March 30, 2009

Daewoo Electronics to lay off 40% of workforce

The creditors of the company have extended a debt-rescheduling program for the company for one more year to 2010. However, Daewoo will close down plants and lay off staff in an attempt to restructure further. <strong>The company is also rumoured to close its TV production facility in Pruszkowie (Poland) by the end of May 2009.</strong>
The conditions for the extension state that Daewoo plans to sell its consumer electronics manufacturing plants in Incheon, Gyeonggi Province, and Gumi, North Gyeongsang Province, reports KoreaTimes.

It will also lay off around 40% of its workforce. "The company and labour representatives have agreed to the massive restructuring programs. Employees, who will be laid off, will be compensated according to working periods," a spokesman was cited in the report in saying.

According to information that evertiq received, the company also plans to close its TV production facility in Pruszkowie (Poland) by the end of May 2009.

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