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 Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.59 - Manufacture of other chemical products n.e.c.
500 - 1,800 jobs Number of planned job losses
Announcement Date
27 May 2005
Employment effect (start)
1 June 2005
Foreseen end date
31 December 2005
Description
AgfaPhoto, a traditional maker of films and laboratory equipment for photo cameras has declared insolvency. The company seems to have reacted too late to the dynamic development of digital photography. 1800 jobs are at stake.
In november 2004, Agfa-Gevaert had announced worldwide measures in order to cut costs and had sold its consumer imaging business to a group of investors in a management buy out/in which operated under the name AgfaPhoto.
Sources
28 May 2005: Frankfurter Allgemeine Zeitung
27 May 2005: Agfa Website
Citation
Eurofound (2005), AgfaPhoto, Internal restructuring in Germany, factsheet number 61656, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61656.
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