Electronics maker LG Philips said it would close a British factory that has made television screen tubes for more than 30 years, resulting in the loss of 760 jobs.
The company -- a joint venture between Korea's LG and Dutch electronics producer Philips -- said the plant in Durham, northeast England, would cease production in July 2005. "Consumer demand for flat screen technologies and larger tubes in Europe, coupled with damaging dollar exchange rates, has left us no option other than closure," said Dave Coppock plant director.
"We've seen a 30 percent fall in our prices over the past two years," said Mr. Coppock. "The plant has incurred heavy losses, and with no sign of recovery we simply cannot sustain this position any longer."
Union leaders said ending production at the Durham plant would put more than 1,000 people out of work because of the knock-on effect in the supply chain.
In 2003, LG Philips closed a plant in Newport South Wales with the loss of 870 jobs. (AP)
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