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 Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.59 - Manufacture of other chemical products n.e.c.
156 jobs Number of planned job losses
Announcement Date
20 October 2006
Employment effect (start)
20 October 2006
Foreseen end date
Description
The photographic group Spector announced on 20 October 2006 its intention to close its subsidiary in Oostende, Litto-color, for 'urgent economic reasons'.
The company is suffering from a downturn in the demand for analogue photographic development. Litto-color, which works mainly on the development of photographs for large distribution stores, underwent last year a net loss of 2.4 million euro. The closure will involve the loss of 156 jobs. According to a trade-union source, the other site of Litto-color, located at Wetteren, is likely to undergo reductions of workforce too.
Sources
21 October 2006: L'Echo
21 October 2006: La Libre Belgique
20 October 2006: De Tijd
20 October 2006: L'Echo
Citation
Eurofound (2006), Litto-Color, Closure in Belgium, factsheet number 64281, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64281.
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