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 Electrical Equipment 27 - Manufacture of electrical equipment
700 - 800 jobs Number of planned job losses
Announcement Date
8 August 2002
Employment effect (start)
Foreseen end date
1 September 2002
Description
To address the current market situation and restore profitability, Draka announced new cost cuts on 8 August 2002 that will bring about a structural lowering of the level of costs. These plans, which are currently being implemented, will involve the loss of around 700 jobs, or approximately 9% of Drakas total workforce. The majority of the jobs will be shed in Drakas Telecommunication Cable & Systems Product Group, with the loss of around 380 jobs or about 20% of the Product Groups total work force. The remaining 320 jobs will be lost at the Low-Voltage & Special-Purpose Cable Product Group, representing 5% of its total workforce.
On 07/03/2003 100 jobs more to be suppressed.
Sources
Citation
Eurofound (2002), Draka, Internal restructuring in World, factsheet number 59892, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59892.
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