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 Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.1 - Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus
260 jobs Number of planned job losses
Announcement Date
29 June 2012
Employment effect (start)
1 September 2012
Foreseen end date
31 December 2012
Description
Crompton Greaves (CG) Power Systems, a part of the CG Holding Belgium, announced its intention to cut 260 jobs in Mechelen.
The decision stems from the company's financial results, which are below the expected level. The company representatives blame the structural costs of the plant in Mechelen as well as the strong competition within the sector. The 'Renault' procedure was launched. The restructuring is to be completed by the end of 2012.
The company specializes in manufacturing of innovative transformers and substations and provides related integrated solutions and services.
Sources
29 June 2012: Express.be
29 June 2012: rtl.be
Citation
Eurofound (2012), Crompton Greaves Power Systems, Internal restructuring in Belgium, factsheet number 73842, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73842.
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