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Thai economy in crisis: Japanese engineering firm to shut at end of the month


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Thai economy in crisis: Japanese engineering firm to shut at end of the month

 

55-36-1280x720.jpg

Thai caption: No more hiring

 

77kaoded reported that Sanyo Engineering in the Pin Thong Industrial Park in Sri Racha was shutting down and laying off all staff at the end of this month. 

 

They reported that the company has been racking up millions of baht in debt in recent years. 

 

They were producing electrical goods, moldings and doing molding repairs. 

 

A letter said all staff would be laid off at the end of the month. Compensation would be paid according to the Labor Law and company policy. 

 

They blamed the poor state of the economy and lack of sales for the closure. 

 

A security guard at the firm said that 15 Thais and 3 Japanese managers were still working there. 

 

The staff had known for months about the planned closure.

 

77kaoded said that the Thai economy was facing a crisis in its headline. 

 
Source: 77kaoded
 
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-- © Copyright Thai Visa News 2019-07-22
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2 minutes ago, cheapcanuck said:

what about the economic crisis? B S story. Wasted my time on this crap.

Theres only 6 posts chum, not 6 pages.....🤣

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Thailand has been in a downward spiral since the army overthrew a democratically elected gov several years ago.

Consumption and confidence is way down and small businesses have to shutter due to ever rising costs..

The country is run by corrupt sycophants.

Even the tourism industry is a mess.

Indians won't save Thailand.

There is another round of tax increases due in October.

Prayuth has to be removed ASAP.

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Just now, Lucius verus said:

Thailand has been in a downward spiral since the army overthrew a democratically elected gov several years ago.

Consumption and confidence is way down and small businesses have to shutter due to ever rising costs..

The country is run by corrupt sycophants.

Even the tourism industry is a mess.

Indians won't save Thailand.

There is another round of tax increases due in October.

Prayuth has to be removed ASAP.

Prayuth is only a puppet.

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2 minutes ago, EdrigoSalvadore said:

Does this mean the japanese snack bars in Sriracha will get a hard time now? I enjoy visiting them from time to time.

Surely they weren't relying solely on the Sanyo staff for their customers?

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Sanyo used to be a household name like 20 years ago, nowadays hardly any of their products are out there so no wonder that they're going under, it's swim or sink, innovate/renovate or detonate...

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8 minutes ago, ratcatcher said:

The bigger question, surely, is, "Who really is pulling the strings?"

A question that can't be answered due to rules and regulations! :wink:

Great to have freedom of speech isn't it.🙂

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3 minutes ago, ezzra said:

Sanyo used to be a household name like 20 years ago, nowadays hardly any of their products are out there so no wonder that they're going under, it's swim or sink, innovate/renovate or detonate...

They were bought out by Panasonic - easier to buy the competition than compete? They served their purpose..............

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This is Sanyo Engineering. They design and produce/maintain molds/Mold bases for press molding. Cutthroat business in Thailand and all over SE Asia. Not related to the Sanyo Electronics company. Looks like they have a huge factory in Hamamatsu, stamping out gaskets and what not. The Thai business looks like outsourcing for the Japanese parent company, which now due to exchange rate changes, is not as profitable as it used to be.

I have a chuckle at every gloom and doom headline about the economy. yes, it's a company closing down. will it have any impact on the economy in Thailand? No.

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21 minutes ago, ratcatcher said:

The bigger question, surely, is, "Who really is pulling the strings?"

The Elite run Thailand or to be more precise, the disgustingly rich 1% who own 67% of the wealth.

They tell Prayut how the economy is to be run and he dances to the beat. If he didn't he would be out on his ear.

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2 minutes ago, Kim J said:

What? Because all of those three factory managers will maybe soon be on their way back to Japan!!! What do you think?

They are fat little buggers. But more money will be lost by their absence on Walking St. 

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39 minutes ago, ratcatcher said:

The bigger question, surely, is, "Who really is pulling the strings?"

China as they have already done with Cambodia and Laos who are virtually already Chinese provinces

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22 minutes ago, Kim J said:

This incident relates to a small engineering facility employing 18 people in Thailand!!! This does not constitute an economic crisis in Thailand, or a global economic downturn.

These are the small drops of water that make the great rivers...

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7 hours ago, Lucius verus said:

The country is run by corrupt sycophants

not sure you are using sycophants the right wat here.

Sycophanta person who acts obsequiously toward someone important in order to gain advantage.

 

In other words a brown nose. Politicians here actually run things however they want without sucking up to anyone.

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7 hours ago, Kim J said:

Unfortunately this type of sensationalism is the norm now when it comes to the news media. It is the same the world over.

Most publications now seemingly would never consider letting the truth get in the way of a good story.

The three Japanese workers will simply return home, and the 15 Thai's will either get a new job or continue to support themselves from one illegal activity or another. How can that constitute a "crisis"??

A lot depended on how many were working there at its peak.

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What international companies won’t admit because it is not PC, finding and keeping a trained, educated Thai staff is difficult which adds to the challenge of a company. Though benefits & salary is above the norm for qualified Thais. the selection pool of Thais is very limited for foreign companies that come here. 

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