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 Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27 - Manufacture of electrical equipment
400 - 450 jobs Number of planned job losses
Announcement Date
6 February 2009
Employment effect (start)
6 February 2009
Foreseen end date
31 December 2009
Description
STMicroelectronics, a producer of semi-conductor products, is to cut between 400-450 jobs from its Kirkop plant in Malta. Between 250 to 300 jobs are expected to be lost through retirment or non-renewal of temporary contracts. The job cuts in the Kirkop plant in Malta are in line with STMicroelectronic's plan to downsize its worldwide operations. The redundancies account for 23 % of the workforce (1,927 prior to restructuring).
The news was announced by Finance Minister Tonio Fenech who said that the global demand for STMicroelectronics's products are expected to drop by between 30 to 40 % this year. He said that the company's main reason to cut the jobs are the higher wages in Malta compared to China. The Minister said that government will continue meeting the management and the union to monitor the situation.
Because ST is one of largest employers in Malta, job cuts in this organisation take a national dimension and this may explain why the Minister has intervened in this case.
Eurofound (2009), STMicroelectronics, Internal restructuring in Malta, factsheet number 68404, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68404.
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