BRATISLAVA, Oct. 1 (Xinhua) -- Panasonic AVC Networks Slovakia (PAVCSK) based in the eastern Slovak town of Krompachy is planning to shut down its plant, the company confirmed on Wednesday.
At least 400 people will lose their jobs as a result of the shutdown of the plant, which produced Blu-ray players and recorders, DVD recorders and printed circuit boards (PCB) for TV sets.
Company public relations manager Andrea Marsakova said the company's sales volume dropped by more than 50 percent over the past five years, adding, "we don't envisage this trend and market developments to change in the future."
The conclusion of the production for all video products is scheduled for Dec. 31, while the remaining production of PCB should end as of May 2015 and then will be transferred to the PAVCCZ plant in Plzen, the Czech Republic.
"We regret the consequences of this measure for the employees and their families, but we consider it to be unavoidable to ensure continued sustainability for the remaining production of video products in Europe," said the PR manager.
Panasonic's end of production in its plant in Krompachy is a "horrible blow" for the entire region, announced the town's mayor Iveta Rusinova on Wednesday. The region's unemployment is between 15 and 20 percent, higher than Slovak average.
