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
150 jobs Number of planned job losses
Announcement Date
4 October 2006
Employment effect (start)
Foreseen end date
31 December 2005
Description
One of the leading global producers of equipment and systems for energy measurement and management segmentation has showed weaker business records in 2005, primarily due to a shrinking demand of classical electricity meters in its traditional markets and the increase of raw materials' prices. Five hundred, mainly short-term contractors, have lost their jobs since January 2005, and using softer methods for decreasing number of employees (early retirement, compensations for dismissals) there have been some direct dismissals as well. The number of employees by the end of 2005, thus, decreased by about 50 (from about 1800 to 1754). Restructuring processes included the production increase of electronic meters by two thirds (at the expense of electromechanical). Iskraemeco is one of few Slovene companies where its employees control the majority of stocks.
In February 2006 Iskraemeco’s management filed a forced settlement proposal after it failed to convince creditors with its restructuring plan. On 31 August 2006 Iskraemeco’s compulsory settlement was accepted by its creditors. The Capital Fund (KAD, state controlled pension fund) and the Restitution Fund (SOD, state controlled restitution fund) are to invest additional capital in Iskraemeco to enable its restructuring and reorganisation. Accordingly, the new management has been appointed and the number of planned job losses was decreased to 150 (according to a previous analysis of Finance newspaper, at least 500 workers would be dismissed if the worst scenario occurred). The company has already reached an agreement with 50 workers to leave the company. Final decision on the company's future strategy will be prepared by the end of January 2007.
Sources
24 January 2007: Delo
4 October 2006: Delo
19 August 2005: Dnevnik
21 August 2005: Finance
Citation
Eurofound (2006), Iskraemeco, Internal restructuring in Slovenia, factsheet number 62140, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62140.
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