BUDAPEST, HUNGARY - ABB will close its factory in Ozd, northeast Hungary, by the end of this year due to falling customer demand, cutting 1,000 jobs, reports Reuters.

The factory, which produces circuit breakers for the electrification division, came into ABB's ownership when the company bought the GE Industrial Solutions business in 2018.

The decision will not affect ABB's other business operations in Hungary, the company said.

This shutdown is the latest by ABB in response to weaker demand.

Last month ABB announced it was shedding jobs at its Virginia factory in the United States.

Source: Reuters