The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
800 jobs Number of planned job losses
Announcement Date
27 February 2004
Employment effect (start)
Foreseen end date
Description
The Italian multinational firm, which is a leading manufacturer of automotive components and industrial batteries, announced a restructuring plan which will affect all of its 11 plants worldwide. The plan is meant to redress the financial situation, which has been negatively affected by large investments in 2000, just before a market slowdown. The company has also announced a de-localisation programme which includes the establishment in the near future of majority joint-ventures in China and India. Negotiations with the unions on redundancies are due to start shortly.
Sources
28 February 2003: Il Sole 24 Ore
Citation
Eurofound (2004), Fiamm, Internal restructuring in World, factsheet number 59363, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59363.
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