Electronics Production | January 04, 2009
TVAB is looking for government loan
Sweden based Cable Harnesses maker TVAB is looking for a state government loan on approximately 1,1 million Euros from the Swedish Government.
”We have fully control over the situation at the moment, however if the market continues to slow during the first quarter we will be in need of financing”, TVAB manager Mr. Per Axell told Swedish local paper Dagens Industri. TVAB has made heavy cuts in its staff force through out the autumn. But the economical effects of this will not be seen until April. Many of TVAB’s largest customers are within the Volvo group which has been heavily exposed to the automotive crisis.