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 Food And Beverage Manufacture Of Beverages 11 - Manufacture of beverages
150 jobs Number of planned job losses
Announcement Date
12 April 2011
Employment effect (start)
Foreseen end date
Description
Cypriot beverage supplier KEO intends to lay off 150 employees (out of a total workforce of 585) across all departments. Only employees working in water bottling will not be affected by the restructuring. The job cuts are blamed on the company's financial difficulties which are thought to be related primarily to the decline in the tourist industry. As of April 2011, there is no information on when the job losses will be implemented by.
In February 2011, the company announced its intention to proceed with the redundancies (affecting only 5% of its staff). The management and unions failed to reach an agreement with regard to the amount of compensations and the implementation of a voluntary exit plan. This called for the intervention of the mediation service of the Department of Labour Relations (Ministry of Labour).
In 2003 the company employed 780 people and it has gone through different waves of restructuring in recent years.
Sources
12 April 2011: Stockwatch
Citation
Eurofound (2011), KEO, Internal restructuring in Cyprus, factsheet number 71854, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71854.
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