SMM: may 4, Hydro (Norsk Hydro) said in a statement on its website that the company will close its loss-making precision tube plant, (PT Remscheid), in the German city of Remseyd by the end of the year.
The Hydro PT Remscheid plant has been losing money for the past two years and is expected to continue to lose money in 2020. At present, there is no need for the factory to continue to operate, and the long-term market outlook for PT Remscheid is negative, as most products enter the internal combustion engine market, where demand is declining. Although PT Remscheid also serves the HVAC market, production in this area alone is not enough to make factories profitable.
Hydro said it will remain committed to the precision pipe market and will continue to maintain a strong influence in Europe, where precision tube production will be concentrated in Danish factories.
The final closure of the Remscheid plant is expected to have 129 employees at the, PT Remscheid plant by the end of December 2020.
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