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 Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
95 jobs Number of planned job losses
Announcement Date
6 November 2008
Employment effect (start)
19 February 2009
Foreseen end date
1 May 2009
Description
TitanX is a global company with three divisions that operates in Sweden and the USA. The focus is strategically oriented on medium and heavy duty diesel engine cooling solutions.
The notice of 95 employees altogether is mainly due to a decline in the market for truck manufacturers, which are the main customers for TitanX. First, the notice concerned 40 employees and then 55 more was added to the same notice. The head of the company still hopes that the notices will be able to be withdrawn if the market will improve, however the prospect of that does not look too good due to the financial recession.
Sources
Citation
Eurofound (2008), TitanX Cooling AB, Internal restructuring in Sweden, factsheet number 67672, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67672.
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