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
760 jobs Number of planned job losses
Announcement Date
2 March 2005
Employment effect (start)
Foreseen end date
31 July 2005
Description
LG Philips has confirmed that it is to close its Durham factory with the loss of about 760 jobs.
The firm blamed 'crippling price erosion' and a shift in demand from Europe to Asia Pacific. Production at the plant, which makes cathode ray tubes for TVs, will be halted at the end of July.
Plant director David Coppock said prices had fallen by 30% over the last two years: 'The plant has incurred heavy losses and with no sign of recovery, we simply cannot sustain this position any longer.'
Sources
3 March 2005: The Guardian
Citation
Eurofound (2005), L G Phillips, Closure in United Kingdom, factsheet number 61200, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61200.
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