L G Phillips

Type
Closure
Country
United Kingdom
Region
North East (England); Northumberland, Durham and Tyne & Wear; Durham
Location of affected unit(s)
Durham
Sector
Manufacturing
(26 - 27) Manufacture of electrical, electronic and optical products
27 - Manufacture of electrical equipment
27 - Manufacture of electrical equipment
760 jobs
Number of planned job losses
Job loss
Announcement Date
2 March 2005
Employment effect (start)
Foreseen end date
31 July 2005

Description

LG Philips has confirmed that it is to close its Durham factory with the loss of about 760 jobs.

The firm blamed 'crippling price erosion' and a shift in demand from Europe to Asia Pacific. Production at the plant, which makes cathode ray tubes for TVs, will be halted at the end of July.

Plant director David Coppock said prices had fallen by 30% over the last two years: 'The plant has incurred heavy losses and with no sign of recovery, we simply cannot sustain this position any longer.'

Sources

  • 3 March 2005: The Guardian

Citation

Eurofound (2005), L G Phillips, Closure in United Kingdom, factsheet number 61200, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61200.