Hydro PT Remscheid has made losses for the last two consecutive years and is estimated to make a loss also in 2020. The long-term market outlook is negative for PT Remscheid, as most products go into the combustion engine market where demand for Remscheid products is declining.
Remscheid also serves the HVAC market, but volumes in this segment alone have not been enough to make the plant profitable.
Hydro Precision Tubing remains committed to the precision tubing markets and will continue a strong footprint in Europe, maintaining its close cooperation with customers. Precision Tubing production in Europe will be concentrated in the facilities in Tønder, Denmark.
Final closing of the Remscheid plant is estimated to be end of December 2020. The Remscheid plant employs 129 people.
Published: May 04, 2020