Finland's Elcoteq To Close Romanian Plant

The move is part of Elcoteq's "intense restructuring plan during the first quarter to prepare the company for the exceptionally uncertain market situation and general economic development in 2009," it said in a statement.

The company's Romanian unit was set up in 2006. Its plant in Arad, in western Romania, manufactures electronics for its communications technology customers and currently employs around 400.

Elcoteq's restructuring plan will result in personnel cuts of approximately 5,000 on a global scale. Elcoteq employs approximately 21,000 persons worldwide.