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 13.9 - Manufacture of other textiles
New offshoring locations
South Korea
79 jobs Number of planned job losses
Announcement Date
13 February 2008
Employment effect (start)
Foreseen end date
Description
Hyosung Luxembourg, producer of fibres for tyre manufacturing based at Colmar-Berg, announced on 13th February 2008 that the balance sheet for 2007 showed substantial losses and that similar losses were forecast for 2008 and therefore 79 jobs would be cut due to the transfer to South Korea of some of its activities (twisting and weaving of polyester fibre). It also said that production volume would be reduced by around 800 tonnes per month. The restructuring will be the subject of a job retention plan to avoid drastic redundancies.
Sources
Citation
Eurofound (2008), Hyosung Luxembourg, Offshoring/Delocalisation in Luxembourg, factsheet number 66348, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66348.
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