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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
170 jobs Number of planned job losses
Announcement Date
24 January 2007
Employment effect (start)
24 January 2007
Foreseen end date
31 December 2007
Description
Iskraemeco is a producer of equipment and systems for energy measurement. Since 2005 the company has been facing severe problems due to a shrinking demand of traditional electricity meters in its markets and the price increase of raw materials. The company therefore launched a comprehensive restructuring process, which includes increasing the production of electronic meters at the expense of electromechanical ones. Iskraemeco ended in 2006 with a considerable loss of 18 million euro. By the end of 2007, the number of employees will be decreased by 170. The total number of employees will thus be reduced from present 1566 to 1396. All the redundant employees will receive compensation. The management does not expect any further dismissals after 2007. However, Iskraemeco will move part of its activities to other Slovenian firms, which will entail the transfer of Iskraemeco’s employees to these companies. For instance, the company Hidria intends to buy six presses from Iskraemeco and to employ 120 of Iskraemeco’s employees.
Sources
24 January 2007: Finance
24 January 2007: Delo
Citation
Eurofound (2007), Iskraemeco, Internal restructuring in Slovenia, factsheet number 64873, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64873.
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