Investing.com -- Apollo Tyres (NSE: APLO ), an India-based company, is set to close its factory in Enschede, a Dutch city, and relocate its production to Hungary, according to information from the Dutch labor union FNV. The move will result in the termination of approximately 500 jobs in Enschede, the union disclosed.
The union revealed that Apollo’s European commercial director had informed employees about the decision in a meeting held on Friday. The relocation of production to Hungary is part of Apollo Tyres’ strategic planning, but the exact timeline for the closure of the Enschede factory is yet to be announced.
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