Finex

Type
Closure
Country
Portugal
Region
Continente; Norte; Área Metropolitana do Porto
Location of affected unit(s)
Maia
Sector
Manufacturing
(13 - 15) Manufacture of textiles, apparel and leather
14.2 - Manufacture of other wearing apparel and accessories
14.24 - Manufacture of leather clothes and fur apparel
110 jobs
Number of planned job losses
Job loss
Announcement Date
16 August 2012
Employment effect (start)
16 August 2012
Foreseen end date

Description

In August 2012 Finnish textile company Finex closed its site in Maia, Portugal, which resulted in 110 people being dismissed. The company's insolvency was reported as the reason for closure. 

Finex submitted an application for insolvency proceedings claiming that the financial problems are due to high costs of production in Portugal.

The Textile Labour Union on Confection announced that it will require the intervention of the Ministry of Economy and of the Finnish consulate in Portugal to investigate the case. 

Sources

  • 16 August 2012: Agencia Financeira

Citation

Eurofound (2012), Finex, Closure in Portugal, factsheet number 74110, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74110.