Electronic firm, Celestica Philippines Inc. has informed the Mactan Economic Zone (MEZ) that they will shut down their plant effective by the end of August this year.
“They are shutting down their operation due to market forces,” said zone authority officials.
About 1,000 workers will loose their jobs as the company fail to bounce back due to global financial crisis. The company attempted to avoid layoffs by cutting down the working week down to four days; however the move is not enough.
Celestica is known for manufacturing telecommunication equipments and has been a major international company in Mactan for several years.
The company has been operating in Cebu since 1989 with the name NEC Technologies and later change to Celestica
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