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 Manufacturing Of Furniture And Other Manufacturing Other Manufacturing 32 - Other manufacturing
176 jobs Number of planned job losses
Announcement Date
12 August 2004
Employment effect (start)
12 August 2004
Foreseen end date
31 December 2004
Description
Majorica, based in Manacor (Mallorca, Balearic Islands, Spain) is a company specialised in the manufacture of jewellery. The company has decided to make effective the social plan signed last March 2004 with labour representatives and regional authorities which included a job reduction plan. The plan will affect 44% of the employees, i.e. 176 people. The measures includes incentivised dismissals as well as early retirement measures. The job reduction plan will cost €7.6 million, 4.6 paid by the firm and the other 3 assumed by regional and central authorities. These measures will allow the company to pay its debts as well as to restructure its production strategy.
Sources
12 August 2004: El País
Citation
Eurofound (2004), Majorica, Internal restructuring in Spain, factsheet number 60498, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60498.
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