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
2,000 jobs Number of planned job losses
Announcement Date
26 April 2006
Employment effect (start)
Foreseen end date
Description
The locking solutions manufacturer and supplier ASSA ABLOY has announced a massive restructuring programme which will be completed during the next three years. The aim of the programme is to close down unprofitable factories and make changes in production sector. This means a cut of a total of 2,000 jobs around the world. According to programme, about 70 per cent of the job reductions will take place in companys production plants in Europe. The total cost of restructuring will be 134 million EUR and its aim is to a save of 65 million EUR on an annual level.
Additionally, Assa Abloy considers to call a halt to a car lock manufacturing in Great Britain. This would increase restructuring programme expenses by 22 million EUR.
In Finland ASSA ABLOY Group employs 1,160 people. The company has some 30,000 employees world wide and annual sales of about EUR 3 billion.
Sources
26 April 2006: Kauppalehti
Citation
Eurofound (2006), Assa Abloy, Internal restructuring in World, factsheet number 63454, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63454.
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