Thai-German Products closes plant

Reuters have reported that Thai-German Products TGPR.BK, Thailand's leading stainless steel pipe maker, said on Tuesday it had shut down all production at its plant in the eastern province of Rayong, which would affect 5-7 percent of its annual sales. The news sent its stock down 3.85 percent to 0.25 baht at 0302 GMT, while the overall Thai stock market was 0.05 percent lower. The shutdown was mainly due to a dispute between the company and its labour union, which had demanded bonuses and other benefits for the 2008 performance, the company said in a statement. Thai-German has more than 4,000 tonnes of finished goods and raw material which should satisfy sales for at least four-to-six months, it said.