ABB acquired the plant from GE Industrial Solutions in 2018. ABB said output at the plant has fallen to levels which will soon make it unprofitable. Some of the plant’s production lines will be relocated to ABB’s other bases in the region, it added.

The decision will not affect the company’s other investments in Hungary. ABB will help workers at the plant find new jobs or support their retraining.

The Innovation and Technology Ministry said László Palkovics, the minister of innovation and technology, will initiate talks with local leaders with a view to ensuring that ABB’s employees could find work as quickly as possible.

Palkovics will pay a visit to Ózd on Friday to discuss the situation with the MP representing the region, local council leaders and ABB’s suppliers, the ministry told MTI.