Hydro shut down its precision tubing plant in Pune, India over the weekend. The closure could be a permanent one though the company did not disclose further details.
Hydro’s extruded solutions division made the decision to close the plant, which suffered losses last year and was expected to be in the red again this year, according to a company press release. Most of the plant’s products are used in the combustion engine market, however, demand for PT Pune products has been waning for some time, as evidenced by the plant’s 2019 losses, it noted.
Hydro has released scant details about the plant closure, as well as what its future holds, but the company stated in its announcement that the plant employs 61 people, and it is presumed they will be laid off.