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 Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Other Non-Metallic Mineral Products 23 - Manufacture of other non-metallic mineral products
1,400 jobs Number of planned job losses
Announcement Date
12 November 2008
Employment effect (start)
12 November 2008
Foreseen end date
31 December 2008
Description
Wienerberger, one of the world’s largest building materials producers, is about to close 27 of its current 245 plants in Europe and the USA, with the loss of about 1,400 jobs. The traditional Austria-based enterprise, which is specialised in the manufacture of bricks and clay roof tiles and traded on the Vienna Stock Exchange, has thus to cope with the continuing downturn in the global economy and the resulting uncertainty among costumers and investors. The group’s management board indicated on 12 November 2008, that a decline of 15% to 20% in operating EBITDA for the business year 2008 is to be expected. Therefore the planned closure of 27 smaller and unprofitable production facilities would be inevitable, in order to secure the group’s free cash-flow and liquitidy. The closure and lay-offs will affect both Europe and the USA and come into effect by the end of 2008.
Sources
12 November 2008: Die Presse
12 November 2008: Der Standard
Citation
Eurofound (2008), Wienerberger, Internal restructuring in World, factsheet number 67386, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67386.
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