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
125 jobs Number of planned job losses
Announcement Date
5 May 2009
Employment effect (start)
5 May 2009
Foreseen end date
30 June 2009
Description
Nafpaktos Textile Industry, a major producer of cotton combed yarns, is to cut off 125 job positions at its Nafpaktos site.
Nafpaktos Textile Industry announced Tuesday 5th May 2009 that it will temporarily cease the production of threads due to the cost of production exceeding current market prices. The company will continue to sell threads from its reserves and will resume production once market conditions improve. As such 125 people will loose their jobs.
Nafpaktos Textile Industry is a Greece-based industrial and commercial enterprise. The Company's main activities include cotton ginning, the production of yarns and fabrics as well as ready-made clothing. Its products are cotton-combed yarns, used as raw material in knitting and weaving, slub yarns, and the design and production of stable fabrics used for making shirts and trousers.
Its production units include two spinning mills that have a total annual production capacity of 3,700 tons of cotton-combed yarns and 1,250 tons of cotton by-products, as well as two weaving mills that have an annual production capacity of 1.5 million meters of fabric. The production facilities occupy an area of 20,590 square meters on privately owned land, plus storage facilities of 2,527 square meters in area.
Nafpaktos Textile Industry has three subsidiaries in Greece and one in Albania; it also has export operations with points of sale in Spain, Germany and Italy.
Sources
5 May 2009: Kerdos
Citation
Eurofound (2009), Nafpaktos Textile Industry, Closure in Greece, factsheet number 68914, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68914.
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