PRAGUE (AP) -- Japan's electronics giant Hitachi said Friday it will close its recently opened flat-panel TV assembly plant in the Czech Republic due to "dramatically" falling demand. About 800 employees will likely be fired by the end of April.
The company said in a statement it planned to end production of plasma TVs in the plant by the end of March.
"We very much regret this unavoidable decision to close HHCZ due to the severe economic conditions right across Europe which have significantly reduced consumer demand," said John Conlon, executive director of Hitachi Home Electronics.
Conlon said the company does not plan to relocate the production facility to another market.
Hitachi Ltd. started production in the plant in October 2007. It originally planned to employ up to 1,500 people in the facility located near the northwestern town of Zatec.
The Japanese company received some 246 million koruna ($12.3 million) as financial incentives from the Czech state and said the money will be returned.