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
100 jobs Number of planned job losses
Announcement Date
2 December 2008
Employment effect (start)
2 April 2009
Foreseen end date
2 October 2009
Description
Due to a weakening market in car sales, the automotive industry sub-contractor Gestamp Hardtech announced a reduction of 100 employees. The CEO sees 2009 as a year of survival for the factory, while he hopes for an upturn in the market in two years. It is not yet decided exactly which employees will have to leave the company, in accordance to Swedish legislation on employment which states that those who have worked the shortest period of time will be the first one to leave the company in case of redundancy.
Gestamp makes safety components for cars. One of their largest customers is Volvo which stands for 35% of the production at Gestamp. The company is owned by the Spanish Gestamp Group.
Sources
3 December 2008: Dagens Industri
Citation
Eurofound (2008), Gestamp HardTech, Internal restructuring in Sweden, factsheet number 67676, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67676.
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