Ventspils zivju konservu kombināts

Type
Internal restructuring
Country
Latvia
Region
Latvija; Latvija; Kurzeme
Location of affected unit(s)
Ventspils
Sector
Manufacturing
(10 - 11) Manufacture of food and beverage
10.2 - Processing and preserving of fish, crustaceans and molluscs
10.2 - Processing and preserving of fish, crustaceans and molluscs
400 jobs
Number of planned job losses
Job loss
Announcement Date
18 December 2014
Employment effect (start)
1 January 2015
Foreseen end date
1 March 2015

Description

JSC Ventspils zivju konservu kombināts, the producer of canned fish, plans to shrink production and dismiss 400 employees.

JSC Ventspils zivju konservu kombināts sells its production to 12 countries. The turnover of the company on 2014 was 13 million EUR. The Russian market accounts for about 70% of company’s exports. The unstable situation in the Russian economy, and, especially the decline of value of the Russian rouble, are the reasons behind the decision to reduce production.

From 1 January 2015 the production will be partly stopped, and only 80 from 480 employees will continue work. All social payments will be made to dismissed workers.

Sources

  • 18 December 2014: www.delfi.lv

Citation

Eurofound (2014), Ventspils zivju konservu kombināts, Internal restructuring in Latvia, factsheet number 78009, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/78009.