Chunghwa Picture Tubes plans to lay off 2,500 from its factories in Taoyuan
Taiwan News
Date: 2019/03/11
By: Keoni Everington, Taiwan News, Staff Writer
(Image from www.google.com.tw/maps)
TAIPEI (Taiwan News) — As part of its reorganization plan under bankruptcy, Chunghwa Picture Tubes Ltd. (中華映管), today announced that will lay off approximately 2,500 employees.
Under its bankruptcy reorganization plan, Chunghwa Picture Tubes Ltd. stated that it needs to streamline its business content, consolidate some idle capacity, and save on distribution, personnel, and operating costs. Today, the company submitted its dismissal plans to the Taoyuan City Government Department of Labor and said that it will make every effort to assist employees in finding new jobs.
It is estimated that the company will layoff some 2,500 assembly workers from its production line. By the end of last year, Chunghwa Picture Tubes had about 4,500 employees, including 900 foreign workers. This round of layoffs will represent a 70 percent reduction in staff.
The company blamed the downturn in the economy for prompting its customers to shift to rival makers. Chunghwa has been criticized in the past for its overexpansion in China, which left it overly exposed when the trade war between the U.S. and China led to an excess supply of panels and collapse in prices. [FULL STORY]
