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.
Wales; West Wales and The Valleys; Bridgend and Neath Port Talbot
Location of affected unit(s)
Maesteg
Sector
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.42 - Manufacture of perfumes and toilet preparations
242 jobs Number of planned job losses
Announcement Date
18 October 2007
Employment effect (start)
Foreseen end date
Description
Creative Outsourcing Solutions International (Cosi), a firm that manufactures cosmetic products, has announced that it is to cut 242 jobs at its site in Maesteg. The firm attributes the decision to make the job losses to poor trading results during the summer of 2007. 92 employees will be made redundant by the firm, whilst a further 150 staff will not have their contracts renewed. The redundancies follow the firm announcing the creation of 300 new jobs in January 2007. The firm has now stated that these new jobs will not be created. Cosi employs approximately 700 at its Maesteg site. As of October 2007, there is no information on when the job losses will be implemented by.
Sources
18 October 2007: BBC Website
23 October 2007: BBC Website
Citation
Eurofound (2007), Creative Outsourcing Solutions International (Cosi), Internal restructuring in United Kingdom, factsheet number 65976, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65976.
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