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 Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Other Non-Metallic Mineral Products 23.6 - Manufacture of articles of concrete, cement and plaster
180 jobs Number of planned job losses
Announcement Date
28 April 2009
Employment effect (start)
1 May 2009
Foreseen end date
30 June 2009
Description
TITAN Group, Greece's biggest cement producer, is to cut 180 jobs at TITAN-Cementarnica Usje, a plant in neighbouring FYROM. TITAN said in a statement that the job losses at Cementarnica Usje stem from the need to reduce "costs to cope with economic slowdown. The process will be completed after negotiations with the workforce".
About 500 workers are employed at TITAN'S FYROM plant, which produces 800,000 tonnes of cement a year. TITAN did not give any figure on the expected financial impact of the restructuring and emphasized that it will focus on cutting costs and reducing debt this year, as demand for cement declines in the U.S. and in its home market Greece. The Group said it will operate at about 90 percent of total capacity this year; it is the first time it goes down from full capacity since the 1980s.
TITAN was founded in Greece in 1902. With its headquarters in Greece -where the parent company has been listed on the Athens Stock Exchange since 1912- TITAN Group's vertically integrated activity spans 12 countries, including the U.S, Turkey and Egypt. This activity is carried out by wholly-owned affiliated companies and by joint ventures with other partners. It covers the production of cement, concrete, aggregates, mortars and other building materials; transportation - distribution of products; processing and industrial utilization of fly ash.
Sources
28 April 2009: Kathimerini
Citation
Eurofound (2009), Titan-Cementarnica Usje, Internal restructuring in World, factsheet number 68821, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68821.
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