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 Fabricated Metal Products, Except Machinery And Equipment 25 - Manufacture of fabricated metal products, except machinery and equipment
460 jobs Number of planned job creations
Announcement Date
26 August 2005
Employment effect (start)
Foreseen end date
Description
A total of 460 jobs are to be created in Newport after an Irish firm bought the former LG Philips building from the Welsh Assembly Government.
The Quinn Group, which makes radiators, has announced a £133 million investment to set up its European base, which will include research and development.
The plant will be expanded and in full production by 2008, making four million compact radiators a year.
LG Philips Display closed in 2003 with nearly 900 job losses.
Update - on 29 August 2008 Quinn announced that it would not be expanding its site in Newport in 2008 as a result of the downturn in the UK economy. The company plans to postpone the expansion until the UK economy grows again. The 400 existing jobs at the site will not be affected.
Sources
29 August 2008: BBC News
16 August 2005: BBC News
Citation
Eurofound (2005), The Quinn Group, Business expansion in United Kingdom, factsheet number 62153, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62153.
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