TFI Announces a Halt Production and Lays Off 30% of Employee due to Economic Issue

Thai Film Industries Public Company Limited (TFI) has made an announcement for a temporary halt to the production and a reduction of employee due to economic issue caused fierce competition in global flexible packaging film manufacturers industry with high price competition in film packaging market causing selling price for film packaging in a market close to TFI cost of film production impacting to the company operates at consecutive loss.

As above circumstances, The Board of Director of the company in its meeting No. 3/2019 on July 25, 2019 approved a temporary halt to its production line starting on first week of September 2019 onwards together with reducing the number of employees in TFI by lay off approximately 30% of the total number of employees and severance pay under Thai labor law which effective on August 1, 2019 for production line maintenance and develop film which taking time over 6 month due to many spare parts need to import from overseas.

TFI will first priority maintenance for the main machine to start to produce efficiently and will expand to another machine respectively and the company will adjust the business plan to consistent with film packaging type and machine capacity.