Samsung Electronics Co. will shut down its TV production plant in Slovakia, industry sources said Thursday. The facility in Galanta will close in May, ending 24 years of operations, as the South Korean tech giant moves to improve operational efficiency. The decision is seen as a response to prolonged low growth in the global TV market and intensifying competition. Sources also said high energy prices in Slovakia, along with rising production costs driven by surging memory and component prices, were contributing factors. Since its founding in 2002, the Galanta plant has supplied TVs to the European market. The factory currently employs about 700 workers, and the company plans to provide support for their reemployment.