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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.92 - Manufacture of machinery for mining, quarrying and construction
101 jobs Number of planned job losses
Announcement Date
25 October 2016
Employment effect (start)
25 October 2016
Foreseen end date
31 December 2016
Description
Fluid Control, which employs 101 people and delivers products, modules and services for fluid control systems to the petroleum industry, has filed for bankruptcy. The current 101 employees are located in its headquarters in Bergen and in its offices in Sola. The bankruptcy was filed on 25 October after a decision taken by the board of the company the same day. Fluid Control had NOK 257 million (around € 28.3 million) revenues in 2015, down from NOK 314 million (€ 34.6 million) in 2014. The year 2015 ended with a net loss of NOK 26,3 million (€ 2.9 million). The company's total debt is estimated to NOK 60 million (€ 6.6 million) and its total assets are valued at a maximum of NOK 60 million (€ 6.6 million). The Bergen District Court states that the company is thus unable to meet its obligations, and that its payment problems are not of a temporary nature.
Sources
25 October 2016: Dagens Næringsliv
25 October 2016: Sysla
Citation
Eurofound (2016), Fluid Control, Bankruptcy in Norway, factsheet number 88986, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88986.
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