TT confirms Cardiff plant closure

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Car component maker TT Electronics has confirmed it is to shut down its plant in Cardiff and lay off 157 employees.

The plant, operated by its AB Automotive Electronics subsidiary, manufactures electronic systems for automotive climate control products. Production is expected to transfer to TT Electronics Integrated Manufacturing Services in Rogerstone.

TT Group said that costs of closing down the plant are expected to be offset from the proceeds of the sale of the property.

Management of TT said the financial performance of the Cardiff operation has fallen away in the last two years and is no longer financially viable.

The redundancies follow on from 25 job cuts announced last month by TTG at its Erskine Systems subsidiary, following the loss of a major contract with a client.

Shares in the company fell sharply on the latest announcement, continuing the downward trajectory embarked upon on 12 June when the company issued a downbeat trading statement.

TTG said it expects results for the first half of the year to be lower than the same time a year before.

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