Honda shuts UK plant as profits plummet
Friday 30th January 2009, 9:41AM GMT.
Japanese carmaker Honda has announced the four-month closure of its manufacturing plant in Wiltshire after posting an 89 per cent slump in quarterly profits.
Net profit in the third quarter stood at 20.24 billion yen (£157 million), down from more than 200 billion yen from the same period last year.
Japan’s second largest automaker announced at the same time it was shutting its Swindon plant for four months from tonight.
The roughly 4,000 workers at the factory will receive their full basic pay for the next two months, with a 40 per cent cut coming into effect for the remaining closure period.
Honda has also confirmed it is halving its end of year profits forecast, with the group now forecasting an annual profit of 80 billion yen, compared to its original forecast of 185 billion yen.
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