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 Computer, Electronic And Optical Products 26.11 - Manufacture of electronic components
120 jobs Number of planned job losses
Announcement Date
17 January 2014
Employment effect (start)
1 February 2014
Foreseen end date
Description
Consumer electronics producer Loewe is taken over by German investment group Panthera 31 January 2014, leading to the loss of 120 jobs. The take-over follows Loewe’s insolvency and various previous rounds of job cuts (see Loewe2012, Loewe2013-1, Loewe2013-2).
Panthera intends to continue Loewe's TV manufacturing operations.
Adding to the job cuts, 140 workers shall transfer to another Loewe subsidiary.
Update 27-03-2014:
The acquisition of Loewe by Panthera failed, but in March, the company announced that Loewe will be taken over by German investment group Stargate Capital. Currently, 455 people are employed in Kronach and another 70 abroad. The target number of employees is still 430.
Sources
24 March 2014: Bayerischer Rundfunk
24 March 2014: Frankfurter Allgemeine Zeitung
17 January 2014: sueddeutsche.de
Citation
Eurofound (2014), Loewe, Merger/Acquisition in Germany, factsheet number 76506, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76506.
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