Turkish TV maker Grundig says cuts staff by 25 pct

ISTANBUL Dec 22 (Reuters) - Turkish television maker Grundig Elektronik BEKO.IS, formerly Beko Elektronik, said on Monday it had cut its workforce by 25 percent in response to shrinking domestic and international markets.

The company said it had made 432 staff redundant in the move, which also reflected seasonal demand fluctuations.

It said production of old-style cathode ray tube televisions had been reduced in favour of liquid crystal display (LCD) television production, which is less labour intensive.

Grundig Elektronik, a subsidiary of conglomerate Koc Holding's (KCHOL.IS) Arcelik (ARCLK.IS) unit, had revenue of 1.356 billion lira ($896 million) last year and a pretax loss of 93.5 million lira.

Its total TV sales were 3.4 million units last year, with exports, virtually all to Europe, accounting for 73 percent of sales.

In June, the company said it targeted a 20 percent increase in 2008 turnover to 1.7 billion lira. (Reporting by Daren Butler; Editing by Erica Billingham)