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 Material For Textiles, Apparel, Leather And Related Products Manufacture Of Leather And Related Products 15 - Manufacture of leather and related products
147 jobs Number of planned job losses
Announcement Date
4 May 2004
Employment effect (start)
4 May 2004
Foreseen end date
4 May 2004
Description
The Company Martinez Valero has announced the closure of its plant specialised in the manufacture of footwear in Elche. The Company had losses amounting to 5 million euros. All 147 employees in the Elche plant are to be made redundant. The formal reasons for its closure were loss of market share in foreign markets (like the US, which represented 30% of its exports), and a lack of competitiveness due to a strong euro. Other reasons are that the manufacture of footwear requires heavy fixed costs in labour where the consumption of footwear normally follows a seasonal trend.
Sources
4 May 2004: El País
Citation
Eurofound (2004), Martinez Valero, Closure in Spain, factsheet number 60333, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60333.
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