Hydro Precision Tubing to close its plant by end 2020
Hydro announced that its business area Extruded Solutions will shut down Hydro Precision Tubing Remscheid GmbH (PT Remscheid) in Germany. The basis for continued operation is not present.
The Remscheid plant, which employs 129 people, is estimated to close by end of December 2020. The facility serves the HVAC market, but volumes in this segment alone have not been enough to make the plant profitable
“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,” Hydro said.
The facility remains committed to the precision tubing markets. It 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.
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