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Thai economy in crisis: Japanese engineering firm to shut at end of the month

77kaoded reported that Sanyo Engineering in the Pin Thong Industrial Park in Sri Racha was shutting down and laying off all staff at the end of this month. 

They reported that the company has been racking up millions of baht in debt in recent years. 

They were producing electrical goods, moldings and doing molding repairs. 

A letter said all staff would be laid off at the end of the month. Compensation would be paid according to the Labor Law and company policy. 

They blamed the poor state of the economy and lack of sales for the closure. 

A security guard at the firm said that 15 Thais and 3 Japanese managers were still working there. 

The staff had known for months about the planned closure.

77kaoded said that the Thai economy was facing a crisis in its headline.

  Thai Visa77kaoded

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