Disney is shutting down its Singapore-based VFX and animation studio after nearly two decades, which is run by its subsidiaries Lucasfilm and Industrial Light & Magic (ILM). 

The shutdown will see approximately 300 jobs affected by the decision, with The House of Mouse citing economic conditions affecting the industry as a core factor for the studio’s closure. The move comes during Disney’s ongoing restructuring, which will see the company eliminate more than 7,000 jobs this year in an effort to generate US$5.5 billion in savings. 

“Over the next several months, ILM will be consolidating its global footprint and winding down its Singapore studio due to economic factors affecting the industry,” according to a statement released by Disney. “ILM is giving employees as much notice as possible and offering opportunities to relocate to one of the company’s growing studios. ILM will be working with the local business community in Singapore to offer a job fair with companies identified as having a need for talent with similar skill sets.”

Lucasfilm opened the studio in 2004, where it began working on the CG-animated Star Wars: The Clone Wars feature film (2008) and TV series (2008 to 20) in 2006. ILM also expanded into the office as its first international studio in 2006, with both companies later moving to the Eclipse building in 2013. The facility served as a full-service effects and animation studio for several Hollywood films, including Jurassic World: Dominion and The Eternals. ILM has more studios operating in San Francisco, Vancouver, London, Sydney and Mumbai.