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 Computer, Electronic And Optical Products 26 - Manufacture of computer, electronic and optical products
296 - 350 jobs Number of planned job losses
Announcement Date
8 December 2005
Employment effect (start)
Foreseen end date
29 December 2006
Description
LG.Philips Displays, a 50/50 joint venture between Royal Philips Electronics NV (PHG) and LG Electronics Inc of South Korea announced early December it plans to cut 296 jobs in The Netherlands. LG.Philips Displays employees in Eindhoven and Stadskanaal have been told that CRT picture tube production in Europe is confronted with a significant and structural market decline. Solutions for new labor perspectives will be found in a transfer of existing technological knowledge and experience to other outside organizations (87 jobs so far). LG.Philips Displays management promised to provide support in finding new job opportunities. For others, if necessary, a responsible social package will be provided. Late 2006 the restructuring will be finished in co-operation with the workers council and the unions.
On 27 January , LG.Philips Displays announced its European holding company and two units have filed for insolvency protection due to worsening conditions in the cathode ray tube (CRT) market and unsustainable debt. The move involves holding company LG Philips Displays Holding BV as well as its Dutch unit LG.Philips Displays Netherlands BV and its German subsidiary in Aachen. As a result of the insolvency filings, some 350 jobs at the company's operations in Eindhoven will be cut.
Sources
27 January 2006: LG. Philips Displays - Press release
8 December 2005: LG.Philips Displays - Press release
Citation
Eurofound (2005), LG.Philips Displays, Internal restructuring in Netherlands, factsheet number 62717, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62717.
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