Four hundred made redundant as tyre factory in eastern Thailand shuts down

The closure of a tyre canvas production plant in Rayong province, eastern Thailand, has led to four hundred workers being left unemployed.

Thai PBS World reports that the SRF Industries (Thailand) factory shut down yesterday, blaming operating losses caused by the slowdown in the country’s economy.

It’s understood that management at the plant informed workers of the crisis on September 24, blaming the current economic situation and the strong Thai baht, coupled with a drop in demand for its products.

The final nail in the factory’s coffin came when one of its biggest clients stopped placing orders with the company, leaving management with no choice but to close.

All employees have been told they will receive their final salary plus severance, in accordance with Thai labour law.

SOURCE: thaipbsworld