Auto components maker Mico has introduced a five-day working week at its Bangalore plant because of reduction in call-off by its customers. According to a statement from Mico, the five-day working week at its Bangalore plant would be effective from September 9.
Sources said the decision to reduce the number of working days was because of pile up of inventories. The five-day week will be confined only to the Bangalore plant, sources said. Mico manufactures spark plugs, diesel fuel injection pumps, Blaupunkt car audio systems at its factories in Bangalore, Jaipur, Naganathapura and Nashik. It currently has a 80 per cent market share in diesel fuel injection pumps.
Mico had earlier said that it expects a flat growth during the current year as the tractors and commercial vehicles segments continue to perform poorly.
Also Read
Large stocks of unsold tractors with dealers, low sales of commercial vehicles and declining trend in the automotive after-market indicate near flat growth in sales in the current year, the company said.
According to Mico, the decision of the government to put off full implementation of the Euro-II emission norms to 2005 has also delayed the company