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
1,300 jobs Number of planned job creations
Announcement Date
30 June 2005
Employment effect (start)
Foreseen end date
Description
ABB said it would shed 1,300 jobs throughout the world in its power transformer business, which is equivalent to 10 percent of its workforce in this division. ABB has 57 transformer factories in 28 countries. The group said it would close a number of plants in "high-cost countries", but did not give details."Overcapacity has been the biggest problem in the transformer industry in recent years, mainly the result of deregulation in the power sector," Kindle said in a company statement.
"The situation has been made worse, however, by the unprecedented increase in raw material prices we've seen since 2004." Transformer production makes particular use of oil, as well as copper, both of which have been affected by sharp price rises.
Sources
30 June 2005: politics.yahoo.com
1 July 2005: Rzeczpospolita
Citation
Eurofound (2005), ABB, Internal restructuring in World, factsheet number 61930, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61930.
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