Flat panel firm ends furloughs for employees

Taipei, Jan. 4 (CNA) Chunghwa Picture Tubes Ltd. (CPT), one of Taiwan's leading flat panel suppliers, said Monday that it has ended furloughs for its employees following a reduction in costs.

The company asked its employees to take unpaid leave effective Nov. 10 due to a supply glut in the global flat screen industry.

With costs having decreased over the past two months, the furloughs were terminated on Jan. 1, the company said.

In a letter to the company's employees, CPT President Lin Sheng-chang said the weak global economy and falling demand for consumer electronics have seriously affected the company's operations.

Under these circumstances, the company needs to do its utmost to streamline its operating costs, improve its financial soundness and sharpen its competitiveness, Lin said.

He said CPT has experienced and overcome many challenges and crises over the past 40 years and he expressed confidence that the company will be able to overcome the current economic winter within a short period of time. (By Pan Chi-i and Y.F. Low)