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02/03/2005
LG Philips plant closure to put 760 out of work
LG Philips Displays has announced that its factory in Durham is to close with the loss of 761 jobs.
The firm, which produces cathode ray tubes for use in televisions and computer monitors, cited price erosion and a shift in demand from Europe to Asia Pacific as the main reasons for the closure of the north-east England plant.
David Coppock, plant director, said: "The decision is based solely on the continuing adverse business situation and in no way reflects on the performance of the employees here. Without their hard work, commitment, flexibility and determination, this plant could have closed several years ago."
Mr Coppock added that the market had become "increasingly competitive" and said that demand for flat screen technologies and larger tubes in Europe, as well as "damaging" dollar exchange rates had left the firm with "no option" but to close the Durham factory, which opened in 1972.
Revealing that the plant had suffered a drop in prices of 30% over the past two years, he said: "The plant has incurred heavy losses and with no sign of recovery, we simply cannot sustain this position any longer. Now that this difficult decision has been made, we must do everything we can to support our employees."
Consultations with plant employees and trade union representatives are understood to be under way.
The support provided by LG Philips will take the form of a social plan, which includes a severance package, assistance for employees to find new jobs and retraining in conjunction with JobCentre Plus and other agencies.
(KMcA/SP)
The firm, which produces cathode ray tubes for use in televisions and computer monitors, cited price erosion and a shift in demand from Europe to Asia Pacific as the main reasons for the closure of the north-east England plant.
David Coppock, plant director, said: "The decision is based solely on the continuing adverse business situation and in no way reflects on the performance of the employees here. Without their hard work, commitment, flexibility and determination, this plant could have closed several years ago."
Mr Coppock added that the market had become "increasingly competitive" and said that demand for flat screen technologies and larger tubes in Europe, as well as "damaging" dollar exchange rates had left the firm with "no option" but to close the Durham factory, which opened in 1972.
Revealing that the plant had suffered a drop in prices of 30% over the past two years, he said: "The plant has incurred heavy losses and with no sign of recovery, we simply cannot sustain this position any longer. Now that this difficult decision has been made, we must do everything we can to support our employees."
Consultations with plant employees and trade union representatives are understood to be under way.
The support provided by LG Philips will take the form of a social plan, which includes a severance package, assistance for employees to find new jobs and retraining in conjunction with JobCentre Plus and other agencies.
(KMcA/SP)
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