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 Material For Textiles, Apparel, Leather And Related Products Manufacture Of Textiles 13.2 - Weaving of textiles
150 jobs Number of planned job losses
Announcement Date
13 October 2005
Employment effect (start)
1 October 2005
Foreseen end date
Description
Since 2003, the cotton spinning factory Baltex 2000 is facing economic difficulties. In the middle of October 2005, the management sent workers to forced vacation for three months. The management of Baltex 2000 announced that they need to improve the machinery and to concentrate their activities in the future to the production of high-quality textile. During the restructuring process the number of workers will diminish from 600 to 450. After the managements announcement of restructuring at the end of September 2005, workers who are able to find a new job are quitting voluntarily instead of waiting their dismissal. By mid-October more than 80 workers have left company on a voluntary basis.
Sources
13 October 2005: Postimees
18 October 2005: Aripaev
Citation
Eurofound (2005), Baltex 2000, Internal restructuring in Estonia, factsheet number 62488, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62488.
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