Type
Bankruptcy
Country
Italy
Region
Location of affected unit(s)
Sector
Manufacturing
Manufacture Of Computer, Electrical Electronic And Optical Products
Manufacture Of Computer, Electronic And Optical Products
26 - Manufacture of computer, electronic and optical products

1,000 jobs
Number of planned job losses
Job loss
Announcement Date
20 May 2004
Employment effect (start)
Foreseen end date

Description

The Finmek group, which manufactures communication and information technology equipments, has 11 plants in Italy and employs some 2,700 people. It has been affected by relevant economic and financial problems which have brought the company into a sort of pre-bankruptcy procedure (¬Ďamministrazione straordinaria¬í) which should help relaunch the firm and avoid proper bankruptcy. The company management and union reached an agreement on the restructuring plan which now envisages some 1,000 redundancies, instead of 1,500 as formerly announced.


Sources

  • 22 May 2004: Il Sole 24 Ore

Citation

Eurofound (2004), Finmek, Bankruptcy in Italy, factsheet number 60421, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60421.