LG.Philips to Slash 1,000 Jobs in Germany | Business| Economy and finance news from a German perspective | DW | 02.12.2003
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LG.Philips to Slash 1,000 Jobs in Germany

LG.Philips Displays, a joint venture of Dutch and Korean electronics giants Philips and LG, said on Tuesday it would close down a factory in Aachen, Germany. The closure of the plant, which produces monitors for televisions and computers, would result in the loss of 1,000 jobs. According to the Reuters news agency, the plant has been running at only 60 percent of its capacity, as demand for displays with older cathode ray tubes gives way to flat-screen monitors and TVs. The company will also eliminate 265 jobs at a related factory in Simonstone, Britain.