Analyze the sentiment of this statement extracted from a financial news article. Provide your answer as either negative, positive, or neutral.
Text: Budapest , August 10 MTI - Finnish electronics maker Elcoteq will lay off 700 workers at its plants in Pecs S Hungary at the end of September because of falling orders , communications director for Elcoteq 's local unit , Zoltan Krippl told MTI on Monday .
Answer:
negative