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 For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
350 jobs Number of planned job losses
Announcement Date
18 June 2004
Employment effect (start)
15 July 2004
Foreseen end date
Description
The Promek company is a subsidiary of the Fiat Group in Spain. The company Promek is specialised in the manufacture of accessories for motor vehicles. On 18 June 2004 the company has communicated to the labour representatives its closure for July 2004. The company will pay an indemnification of 60 days per year of service. The management said the situation of the company was critical. Final agreement has been reached on 21 July 2004 between labour representatives and the management for the closure of the plant. The 223 labour with ages under 50 will receive an indemnification of 50 days of service whereas the 119 labour over 50 will receive 70% to 75% of their salary. The company will dedicate 22 million euros to the measure. Regional authorities have shown their concern so that the closure of Promek will be done in a non traumatic way.
Sources
21 July 2004: La Gaceta de los Negocios
18 June 2004: La Gaceta de los Negocios
Citation
Eurofound (2004), Promek, Closure in Spain, factsheet number 60397, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60397.
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