Tata Motors to shut Spanish bus unit over losses, plans to cut over 200 jobs
AFPNEW DELHI--India's giant Tata Motors announced Tuesday it is closing its Spanish bus and coach manufacturing factory next month due to “huge losses” in a shrinking European market.
September 26, 2013, 12:05 am TWN
The shutdown of the Tata Hispano Motors Carrocera plant in Zaragoza, after it racked up accumulated losses of more than 60 million euros (US$81 million) in the past five years, will mean the loss of 287 jobs.
Tata Motors, which owns Britain-based luxury marque Jaguar Land Rover, blamed the closure of the nearly 75-year-old firm on “economic and business factors.”
“Despite strong investments, there has not been a positive result to reverse the challenging business situation and losses for the plant,” Tata Motors said in a statement.
Tata Motors, part of India's steel-to-tea Tata conglomerate, said the plant's sales had been falling “primarily due to the worst-ever decline in the bus market” following the 2008 global financial crisis.