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 Other Transport Equipment 30 - Manufacture of other transport equipment
457 jobs Number of planned job losses
Announcement Date
7 November 2006
Employment effect (start)
Foreseen end date
31 December 2007
Description
Volvo Aero is going to close down a Swedish factory employing more than 450 people because of declining demand. The factory in Bromma, outside Stockholm, which overhauls aircraft engines, has struggled for years to show a profit, Volvo said. "I truly regret this decision, but after many years of highly substantial losses, we have unfortunately reached the point at which there is no other alternative," Volvo Aero President Olof Persson said in a statement. Volvo Aero employs 457 persons, 145 administrative employees and 312 skilled workers. The operations will be gradually phased out during 2007, as soon as codetermination negotiations have been concluded. In a press release, the company stated that employees would have priority in any vacant positions within Volvo Aero Sweden.
Sources
7 November 2006: Sveriges Radio
7 November 2006: Press release by Volvo Aero
7 November 2006: International Herald Tribune
Citation
Eurofound (2006), Volvo Aero, Closure in Sweden, factsheet number 64440, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64440.
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