Turkey vehicle-maker Anadolu Isuzu cuts factory hours on economy
Turkish commercial vehicle producer Anadolu Isuzu slashed its factory opening hours for the next four months citing a decline in domestic demand. Its shares slid in Istanbul.
The company cut working hours by six days in January, eight days in February, eight days in March and by four days in April, it said in a statement to the Istanbul Stock Exchange on Monday. The measure was approved by a Turkish ministry in charge of labour and family affairs, it said.
Anadolu Isuzu, a partnership between Turkey’s Anadolu Group, Isuzu Motors and Itochu, produces and sells light trucks, trucks, buses and pick-ups. The company, 55 percent owned by Anadolu Group, said on its website that it was the export champion of Turkey in 2017 for its sales of midi-buses.
Turkey’s economy contracted by a quarterly 1.1 percent in the three months to September, Industrial production dipped an annual 6.5 percent in November in the third month of declines, the Turkish Statistical Institute said on Monday. Manufacturing activity fell 7.1 percent.
Shares in Anadolu Isuzu declined 3.2 percent to 5.97 liras at 2:37 p.m. in Istanbul. The main BIST-100 share index dropped 0.6 percent.