Hungary / Panasonic closes plant, 550 jobs cut

Japanese electronics giant Panasonic said Friday it will close its only European solar cell plant in Hungary, resulting in the loss of 550 jobs.

The assembly factory will end production in September before its official closure in March, a Panasonic spokeswoman in Tokyo said.

But the firm will maintain its overall global solar cell production level by moving the European workload to other solar cell factories in Japan and Malaysia.

The decision came as the European solar cell market shrinks, partly due to cuts in government subsidies.

(Chosen excerpts by Job Market Monitor)

via Panasonic closes plant, 550 jobs cut | eNCA.com.