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 Repair And Installation Of Machinery And Equipment Repair And Installation Of Machinery And Equipment 33.20 - Installation of industrial machinery and equipment
265 jobs Number of planned job losses
Announcement Date
18 April 2017
Employment effect (start)
Foreseen end date
31 December 2017
Description
Czech machinery company Vítkovice Power Engineering (VPE), which is insolvent since last year, has announced plans to cut 265 jobs out of the current 865 staff in 2017. The firm mainly deals with the construction and supply of power plants and ranks among the most important companies in the group. VPE was in financial troubles due to the Czech-Turkish project of the construction of the Yunus Emre thermal power plant in Turkey. The power plant does not work yet. The company says the reason for its poor state is also due to the situation on the energy market or deferred investments of major customers. Creditors have filed claims in court for more than CZK 71 billion (EUR 2.6 billion).
Sources
18 April 2017: Novinky
Citation
Eurofound (2017), Vítkovice Power Engineering (VPE), Internal restructuring in Czechia, factsheet number 90761, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90761.
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