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 Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
450 jobs Number of planned job losses
Announcement Date
17 March 2005
Employment effect (start)
18 March 2005
Foreseen end date
31 December 2006
Description
On 14 September 2005, Kone informed of the completed negotiations with the employees concerning the closure of the Hattingen unit in Germany by the end of this month. The closure means that 283 employees will be made redundant.
KONE initiated preparations for a development and restructuring program in October 2004. The program, is aimed at securing long-term competitiveness and improving the profitability of KONE Elevators & Escalators, particularly in the new equipment business.
On 17 March 2005 the company announced that in order to improve the productivity of its production lines and the cost-competitiveness of its products, KONE is planning to relocate certain supply functions and concentrate production volumes in cost-effective locations. In addition, KONE will continue concentrating certain competencies globally in order to achieve benefits of scale.
In total, the plans affect almost 450 jobs globally in KONE's elevator and escalator business.
Sources
14 September 2005: Helsingin Sanomat
18 March 2005: Helsingin Sanomat
Citation
Eurofound (2005), Kone Corporation, Relocation in World, factsheet number 61282, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61282.
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