Electronics
firm Samsung is to close its factory on Teesside with the loss of 425 jobs.
The
plant, which produces microwave ovens and computer monitors, will close in
April.
Deputy
managing director John Slider said the company had considered a number of alternative
options, but closure was the only “practical way forward”.
The
decision was blamed on falling world prices for computer monitors and microwave
ovens, making it “impossible” for the UK factory to compete with the cost of
products made in Eastern Europe and the Far East.
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