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 Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.5 - Casting of metals
650 jobs Number of planned job losses
Announcement Date
24 April 2003
Employment effect (start)
8 August 2004
Foreseen end date
Description
The factory in Bilbao is a joint venture between the Basc government and Babcock Borsig. As Babcock Borsig wanted out, the Basc state was seeking new investors to save the factory, their money and contract lasting until November 2003. On 30 July 2004, the Spanish Central Government finally authorised the company's last job reduction plan which had been refused by the regional Basc Government. The job reduction plan will affect 258 workers. The production plant in the Basc Country has been bought in the beginning of 2004 by the Austrian energy firm ATB. ATB's Industrial Plan ATB for the plant contains an investment pack of 76 million euros for the next years until 2008.
Sources
27 April 2003: El País
29 April 2003: El País
24 April 2003: Expansión
8 August 2004: El País
Citation
Eurofound (2003), Babcock, Internal restructuring in Spain, factsheet number 59713, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59713.
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