In an unexpected move that is set to impact the local economy significantly, a prominent factory located in the Amata City Industrial Estate in Rayong has announced its closure by January 2025.

 

This decision comes after operating for over two decades in the region, a period during which the company has become an integral part of the industrial landscape of Thailand.

 

Established in 2003, the factory has been a key player in the manufacturing sector, employing thousands over the years and contributing extensively to the local economy.

 

The closure is attributed to a series of economic challenges and shifts in global manufacturing demands, pushing the management to make this tough decision. The phased layoffs will begin immediately, aiming to disband the entire workforce smoothly by the year-end deadline.

 

The company's departure is poised to leave a significant void in the region's economic structure. Over the years, it has not only supported direct employees but also stimulated local businesses, from suppliers to retail.

 

The full implications of its closure are expected to ripple through the local economy, affecting everything from job availability to local GDP.

 

Local government and business leaders are currently scrambling to address the impending economic impact, with plans to attract new ventures to the area and possibly retrain displaced workers for other industries.

 

However, the task is monumental, and the shift will require significant strategic planning and investment.

 

As this story develops, the focus remains on the employees facing unemployment and the broader economic ramifications for Rayong, a region that has heavily depended on the steady operation of this factory.

 

The coming months will be crucial in determining how well the local economy can adapt to this significant change.

 

TOP: File photo for reference only

 

-- 2024-07-11

 

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It could become a new sex toy factory.... 

So what company is it or aren't we allowed to know it's name?

1 hour ago, edwinchester said:

So what company is it or aren't we allowed to know it's name?

Yeah, I was wondering that as well. Seems like it´s classified. 😉 

1 hour ago, edwinchester said:

So what company is it or aren't we allowed to know it's name?

I think it is Samsung Electrics, Samsung were buying products from a Chinese company that was found to use Child labour, so had to stop trading with them. Not sure how accurate that reporting is though. 

Yes this article is ridiculous which. Company. How many employees. Which products. Facts not bla bla

and sreta saying he is doing all he can to bring up the economy... i bet this company is leaving just in time to avoid the new draconian taxes this puke thai gvt is about to bring it. this company couldnt have timed it any better.

 

i feel sorry for those about to lose their jobs. but... anything that makes problems for puke thai and his tax-sin cronies is welcome in my book.

 

i hope the employees get a fair settlement

6 hours ago, webfact said:

Local government and business leaders are currently scrambling to address the impending economic impact, with plans to attract new ventures to the area and possibly retrain displaced workers for other industries.

Chinese EV's are coming... hang-on

2 hours ago, brianthainess said:

I think it is Samsung Electrics, Samsung were buying products from a Chinese company that was found to use Child labour, so had to stop trading with them. Not sure how accurate that reporting is though. 

 

I have a friend that works at Samsung, they are not located in Amata City.

40 minutes ago, La fa said:

Yes this article is ridiculous which. Company. How many employees. Which products. Facts not bla bla

 

Maybe the TG has now gone one step further, from nicking news sources from others, to inventing their own

lovely! this is the definition of _____________________.

just love it!

Google Map Amata City Industrial Estate. Rayong.

 

Several buildings shown but only 4 named - Daikin Compressor Industires Ltd, Thai Water Operations, ITW and State Industry (Thailand) Co. Ltd. - take your pick!

 

 

It is such continuing Thai economic developments such as this that highlight the stupidity & military arrogance of using limited budgets to purchase Chinese submarines. 

 

Any infrastructure development, even if wasteful, would serve Thai working people better than Chinese submarines.

 

world wide taxation of income, is that also for the mega companies? 

figures released last month  from the finance ministry  show over 2600 factories employing more than 300 staff  closed down  in Thailand last year,,,, many relocating to Vietnam  .

Nothing but bad economic news from Thailand for the past year, yet the baht get stronger. Looks as if someone is pumping it again today.

 

Today, USD get stronger against all major currencies, including Asian, yet the USD weakens more than 0.5% against the baht in a single day.

 

https://finance.yahoo.com/currencies