ABB to close Hungarian plant – 1’000 jobs lost

A reduction in demand from its customers is said to be the reason behind the decision to shut down production in the factory. With the shutdown, 1'000 jobs will also disappear, Reuters reports. According to a statement from ABB, the decision was made after a thorough evaluation of all the possibilities available to Ózd, but especially in view of the changes in customer demand. As a result, volume will continue to decline to the point that it is not sustainable to keep the plant open, Reuters writes. The factory manufactures miniature circuit breakers for ABB's electrification division; which came in ABB's ownership when the group acquired GE's Industrial Solutions operations in 2018. ABB says the decision will not affect the group's other business operations in Hungary.