Kynex

Type
Internal restructuring
Country
Slovakia
Region
Slovensko; Stredné Slovensko; Žilinský kraj
Location of affected unit(s)
Bytča
Sector
Manufacturing
(28) Manufacture of machinery and equipment
28 - Manufacture of machinery and equipment n.e.c.
28 - Manufacture of machinery and equipment n.e.c.
198 jobs
Number of planned job losses
Job loss
Announcement Date
9 November 2008
Employment effect (start)
1 December 2008
Foreseen end date
31 March 2009

Description

Kinex plans to dismiss 198 employees over the next few months at its plant in Bytča . The company produces standard and special bearings used in different industrial branches, including the automotive industry. According to Kinex CEO, Robert Staroň, redundancies are caused mainly by a decline in the automotive industry, which is suffering from the world-wide economic crisis. For example, orders from customers for bearings for car water pumps has declined by 25%.

Sources

  • 12 November 2008: Hospodárske noviny (hn.hnonline.sk)
  • 9 November 2008: SME

Citation

Eurofound (2008), Kynex, Internal restructuring in Slovakia, factsheet number 67548, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67548.