HTI

Type
Internal restructuring
Country
European Union
Region
Location of affected unit(s)
Sector
Manufacturing
(28) Manufacture of machinery and equipment
28 - Manufacture of machinery and equipment n.e.c.
28 - Manufacture of machinery and equipment n.e.c.
500 - 1,100 jobs
Number of planned job losses
Job loss
Announcement Date
22 June 2009
Employment effect (start)
22 June 2009
Foreseen end date
1 December 2009

Description

The High Tech Industries (HTI) holding company plans to cut its workforce across its European sites by around 500 to 1,100 by December 2009. This was released by management at a press conference held on 22 June 2009. The company which is quoted at the Vienna Stock Exchange thus continues to realise a restructuring programme initiated in 2008. Accordingly, the company aims at a concentration of production sites, large-scale redundancies and the strengthening of existing partnerships with the automotive industry as well as a new focus on mechanical engineering, in particular in the field of power technologies. In 2008, HTI had to face losses of € 40 million.

Sources

Citation

Eurofound (2009), HTI, Internal restructuring in European Union, factsheet number 69186, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69186.