Philips

Type
Closure
Country
Portugal
Region
Continente; Centro (PT); Região de Aveiro
Location of affected unit(s)
Ovar
Sector
Manufacturing
(26 - 27) Manufacture of electrical, electronic and optical products
26 - Manufacture of computer, electronic and optical products
26 - Manufacture of computer, electronic and optical products
162 jobs
Number of planned job losses
Job loss
Announcement Date
22 April 2005
Employment effect (start)
12 April 2005
Foreseen end date
30 September 2005

Description

The company Philips announced its closure in Ovar. The measure will affect 162 workers, whose contracts will be terminated by mutual agreement.

The company justified the measure by severe economic difficulties and a lack of work related to the strong competition in the market.

Philips management offers 1.4 month wages per year of service. Philips is installed in Portugal since 1970.

Sources

  • 22 April 2005: Diário de Notícias

Citation

Eurofound (2005), Philips, Closure in Portugal, factsheet number 61515, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61515.