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 For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.1 - Manufacture of motor vehicles
200 jobs Number of planned job losses
Announcement Date
20 September 2006
Employment effect (start)
Foreseen end date
Description
Car manufacturer Lotus has announced plans to cut up to 200 jobs at the car makers' plant in Hethel in Norwich. The company said it was making cuts because of poor sales in the US market which has been hit by rises in oil prices and interest rates. But the firm is to launch three new models over the next three years, including its flagship sports car. Staff on the Europa, Elise and Exige production lines will all be affected as well as some administrative staff. The firm said a significant proportion of the job losses would be made through voluntary redundancy. Mike Kimberley, chief executive officer of Group Lotus, said that while any job losses were regretted, it was essential to respond fast to market conditions.
'We have some great opportunities ahead of us and some already under way but we have to tighten our belts in the short term as we drive to stimulate sales in the depressed USA market.'
Tim Byles, chief executive of Norfolk County Council, said: 'We should not let disappointment at the short-term job losses obscure what is a remarkable commitment to the future of Lotus.'
Lotus currently employs 1,200 workers in Norfolk.
Sources
20 September 2006: BBC News
Citation
Eurofound (2006), Lotus, Internal restructuring in United Kingdom, factsheet number 64133, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64133.
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