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 Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.4 - Manufacture of electric lighting equipment
New offshoring locations
Germany
396 jobs Number of planned job losses
Announcement Date
21 September 2005
Employment effect (start)
Foreseen end date
28 February 2006
Description
A Maribor based filial of German Siteco, manufacturer and supplier of interior, outdoor and custom lighting solutions, is terminating its business operations for failing to satisfy profit expectations of a major shareholder, international investor JPMorgan. Company has been listed as one of 100 most promising industrial units in Slovenia with a 20% average growth rate and a profit margin of up to 17% during last five years. Production lines will be moved to China and most of nearly 400 employees will be left jobless by February 2006. The company's research unit, together with engineers, will be relocated to Germany's headquarters.
Eurofound (2005), Siteco, Offshoring/Delocalisation in Slovenia, factsheet number 62310, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62310.
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