Hungary's Videoton to axe 1,000, feels wages pinch

Newswire

BUDAPEST, Jan 27 (Reuters) - Hungarian electronic components maker Videoton said on Monday it would lay off nearly 1,000 staff by end-September as U.S. partner MSL shifts cable production to other plants in Hungary and Bulgaria, a move prompted by lower sales volume. Videoton cited rising Hungarian wages for skilled labour for a decision that in practical terms ends its policy of hiring contract staff. The company, which operates manufacturing plants in nine locations in Hungary and ...

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