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 Wood And Paper Materials Manufacture Of Wood And Of Products Of Wood And Cork, Except Furniture; Manufacture Of Articles Of Straw And Plaiting Materials 16.21 - Manufacture of veneer sheets and wood-based panels
233 jobs Number of planned job losses
Announcement Date
29 June 2007
Employment effect (start)
Foreseen end date
Description
Slovak firm A.N.B. are to close their plant in Žarnovica with the loss of 233 jobs. The company, which was founded in 2000 and produces veneer sheets and parquetry, has been faced with economic problems for a couple of years. In 2006, more than 86% of the firm's production was exported to the EU countries. Recently, the increasing price of timbers and the strengthening of the SKK/Euro exchange rate has worsened the state of the company's finances. Company management recently attempted to acquire financial resources to modernise the production technology at the plant, but decided to close down the factory when it was unable to do this. All 233 employees working for the company will be fired. However, the timeline of employment effect is not yet known.
Sources
29 June 2007: Hospodárske noviny
Citation
Eurofound (2007), A.N.B., Closure in Slovakia, factsheet number 65563, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65563.
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