Electronics Production | December 03, 2008
400 layoffs at VT Automotive Electronics
Hungary based EMS-provider Videoton is to lay off 400 staff at its Autoelektronika divison. Rumours about a possible transfer of production are not true, Videoton's management told evertiq.
VT Automotive Electronics, the biggest domesticly owned automotive electronics supplier in Hungary, employs over 1300 staff and generated above HUF 20 billion in revenue. The division is now forced to lay off 400 staff. The company had to compensate the downturn in the automotive industry caused by the financial crisis. Staff numbers had to be adjusted to next year's order inflow. The layoffs will not be immediately, but phased out between January and June next year. Earlier rumours, that the EMS-provider was looking to move part of its production operations to a facility outside of Hungary are not correct, a spokesperson of the EMS-provider told evertiq.