8th Jul 2008 07:00
TT electronics
TT electronics has announced, in line with previously stated plans, its intention to cease manufacture of electronic systems for automotive climate control products at its factory based near Cardiff in South Wales. Closure costs are expected to be offset by the proceeds from property sales.
The automotive market for climate control systems has experienced intense competition in recent years with pressure to reduce prices and increasing competition from low cost regions such as China and Eastern Europe. The financial performance of the Cardiff operation has deteriorated over the last two years and the Board has concluded that the facility is not viable.
Production will be transferred to a nearby electronic manufacturing services operation.
For further information please contact:
|
TT electronics plc Roderick Weaver, Acting Chief Executive |
Tel: 01932 841310 |
|
Biddicks Zoe Biddick |
Tel: 020 7448 1000 |
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