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 25.93 - Manufacture of wire products, chain and springs
330 jobs Number of planned job losses
Announcement Date
29 June 2006
Employment effect (start)
Foreseen end date
Description
On 29 June 2006 manufacturer of cables for communication purposes, Draka Comteq, announced to cut 330 jobs throughout Europe. Draka Comteq is a subsidiary of the Draka Holding which is active on a global scale. This reorganisation yields an annual cost reduction of 12 million euro. Analist Maarten Bakker of Fortis (banking, financial services) is not surprised by the announcement: These restructuring plans fit well in Drakas strategy. In the long run more of these adjustments are to be expected.
Draka employs 8500 people worldwide.
Sources
30 June 2006: Het Financieele Dagblad
Citation
Eurofound (2006), Draka Comteq, Internal restructuring in European Union, factsheet number 63773, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63773.
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