400 workers laid off as their tyre canvas factory closes

 

 

About 400 workers have been laid off, effective today (Friday), after the of SRF Industries (Thailand) Company’s tyre canvas production plant, in the Map Taput industrial estate in Thailand’s eastern province of Rayong, closed down due to operating losses accrued during the current economic slowdown.

 

The workers were notified of the impending retrenchments on September 24th by the management, citing the poor economic climate, declining demand for the company’s products and the steady appreciation of the Thai baht.

 

According to the company, the end finally came after one of the company’s biggest customers decided to stop buying the company’s products, leaving no other choice for the management but to wind up the business.

 

Full story: https://www.thaipbsworld.com/400-workers-laid-off-as-their-tyre-canvas-factory-closes/

 

-- © Copyright Thai PBS 2019-10-26

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There is a lot lot more of this happening all over the country - according to my contacts and our family members.  But mainly it is the small business owners and they are not 'noticed'.  I was in Hua Hin a few months ago and it was unbelievable - I am told it is the same story just about everywhere.  This is perhaps the beginning - but it is by no means the end - it is not even the beginning of the end yet.  Thailand has aligned itself with China at the big end, and is destroying its biggest industry that caters for the small business owners at the low end - tourism.  They used to talk cr*p about a 'trickle down' growth for the economy in the West.   IMO Thailand is going to have a 'trickle up' crash - as soon as the Chinese decide to take their money somewhere else. 

I feel for these 400 as they have joined the growing ranks of businessers closing their doors. I know a massage therapist at a Temple in Chiang Mai that employs 12 therapist who were doing 5 treatments each a day are lucky if they can get one job each, the doors will shut next Friday.

3 hours ago, AussieBob18 said:

I was in Hua Hin a few months ago and it was unbelievable

What was unbelievable? 

Yesterday auto parts factory shut down, I thought the economy was doing well, or has somebody not telling the truth?

4 hours ago, rooster59 said:

management, citing the poor economic climate, declining demand for the company’s products and the steady appreciation of the Thai baht.

and many many more to come (close) until Prayut & the Gang open their eyes to the daily reality... or maybe not because to busy filling up the pockets

1 hour ago, Orton Rd said:

Yesterday auto parts factory shut down, I thought the economy was doing well, or has somebody not telling the truth?

Yinn will come and explain us  that we do not know anything because we are farang 

What's the problem? The government constantly repeats that unemployment is practically 0.0 ....

Daily ocurance now...job losses on a massive scale.....recession can hit overnight, especially when figures and news has been massaged to suit and the reality is sudden.

13 minutes ago, Assurancetourix said:

Yinn will come and explain us  that we do not know anything because we are farang 

The jury is still out on the authenticity some.posters..

3 hours ago, topt said:

What was unbelievable? 

Being in Hua HIn......very hard place to get to I guess....for some.

People saying things like "The recession is about to start" it has started and started slowly when the general elegantly stole the country. kingsgate mine (will he have to pay the fine for this as he demanded the real elected PM had to), the mass exodus of foreign investment, dirty money from China pooing in and now gold etc leaving the country (a very, very bad sign), tourisun$ down, exports down now being shown in negative figures, and I port's down (except for luxury cars). The generals control the media so I have never believed the lies and now they can't hide it. Toyota was first to react to the general when it closed the prius factory rather than surcum to the attempted extortion of billions and now we see big factories closing which can not be hidden. We all seen this start in our respective towns... 

One only has to look at the poor performing Thai stock funds to see that overall business is not doing too well.

Raw data of electricity consumption for business (industry) is showing the same trend of first stagnation the last 3 years and now a an actual drop Y-O-Y.

 

7 hours ago, Orton Rd said:

Yesterday auto parts factory shut down, I thought the economy was doing well, or has somebody not telling the truth?

The "economy"  is well in terms of the extraction of wealth for the financially well endowed. For the  lesser population hard and even harder times  are waiting.

6 hours ago, baansgr said:

The jury is still out on the authenticity some.posters..

555.  But  is it  not  more important to  consider the  message rather than the messenger?

I am real but only I verify that here to...............myself.

 

Hurray for Prayuth !

Hurray for the junta !

Hurray for junta lackies !

Hurray for military coups !

Hurray for the strong baht !

Hurray for submarines !

Hurray for friends who lend expensive watches then kick the bucket !

 

The way things are going the 1%er rich folk will get all their maids , gardeners , cooks and other low paid servants back just like the good old days.

 

The coup is working exactly as planned.

 

 

 

6 hours ago, baansgr said:

The jury is still out on the authenticity some.posters..

A big +1 on that one 

3 hours ago, Isaanbiker said:

Where is Yinn?

He might be busy preparing his funny defence of all things Thai.

7 hours ago, 30la said:

What's the problem? The government constantly repeats that unemployment is practically 0.0 ....

Yeah...and as of 10 months ago, there were no more overstayers in the country.

More military mess for the economy.  Thousands of small traders and food vendors out of work. Businesses closing down, people in debt. Thailand has not been so badly run for 50 years.

38 minutes ago, Denim said:

Hurray for Prayuth !

Hurray for the junta !

Hurray for junta lackies !

Hurray for military coups !

Hurray for the strong baht !

Hurray for submarines !

Hurray for friends who lend expensive watches then kick the bucket !

 

The way things are going the 1%er rich folk will get all their maids , gardeners , cooks and other low paid servants back just like the good old days.

 

The coup is working exactly as planned.

 

 

 

Hurrah for Porsche drivers who kill with impunity.  Hurrah for cops who imprison people for petty drug offences. Hurrah for machine gun toting soldier terrorizing tourists. Hurrah for the TM30!

59 minutes ago, ExpatOilWorker said:

Raw data of electricity consumption for business (industry) is showing the same trend of first stagnation the last 3 years and now a an actual drop Y-O-Y.

 

 

Very good observation ! Was not aware that this data was available. The trend is clear....

One down, thousands to follow - the writing has been all over Thailand's walls for a VERY long time already. The shortsightedness of those in power ensures that many more SMEs will follow this path as they don't take professional advice and listen to all those honey promises from Bangkok. 

23 hours ago, rooster59 said:

The workers were notified of the impending retrenchments on September 24th by the management, citing the poor economic climate, declining demand for the company’s products and the steady appreciation of the Thai baht.

I feel sorry for these workers, doing their daily work for a salary yet knifed in the back by the elite who have millions in the bank, and have no idea of the real life struggles on the street.

4 minutes ago, hotchilli said:

I feel sorry for these workers, doing their daily work for a salary yet knifed in the back by the elite who have millions in the bank, and have no idea of the real life struggles on the street.

Who are those people that you speak of ?

Do they exist, or do you just think that  they exist ?

Some personal baiting posts and replies have been removed. 

11 hours ago, Halfaboy said:

 

Very good observation ! Was not aware that this data was available. The trend is clear....

Thanks.

Industry electricity consumption change Y-O-Y:

2019

June: -1.9%

July: -1.7%

August: -3.1%

 

Will be interesting to see September's number.

 

Source: http://www.eppo.go.th/index.php/en/en-energystatistics/electricity-statistic?orders[publishUp]=publishUp&issearch=1

I was in Pattaya for two nights in early September. Took the baht bus to the Tuesday market and back to Central Road. Property after property, sometimes two or three in a row, had shutters down and a single sign with phone number and for rent or sale, in English and/or Thai. I've never seen so many of them. I walked Central Road a lot over the years. Quite a few closures and empty eateries out to Sukhumvit, not to forget the hollowing out of Harbor Mall. 

 

Looks like very poor business conditions on Soi Yume where I always stay, which this year included January, February, April, May, July and September. I always rent a moto from a gal just off Yume. Says business terrible and plans to sell the bikes and  laundry machines and move back to the village. She's been there quite a few years. 

 

So it seems now the big businesses are showing the stress of a declining economy.  I feel sorry for the workers. Of course, what happens is that the lack of demand radiates out into support businesses, which starts the breakdown of what were once healthy communities. Will we see more protests? 

 

3 hours ago, sanemax said:

Who are those people that you speak of ?

Do they exist, or do you just think that  they exist ?

Are you saying the post is fake news, if so maybe you should direct your thoughts towards Thaivisa.
I based my post on a written story which at face value I take to be true.