Upet

Type
Internal restructuring
Country
Romania
Region
Macroregiunea Trei; Sud-Muntenia; Dâmboviţa
Location of affected unit(s)
Targoviste
Sector
Manufacturing
(28) Manufacture of machinery and equipment
28.9 - Manufacture of other special-purpose machinery
28.92 - Manufacture of machinery for mining, quarrying and construction
263 jobs
Number of planned job losses
Job loss
Announcement Date
1 November 2014
Employment effect (start)
17 December 2014
Foreseen end date

Description

Upet, Romanian oilfield equipment manufacturer, announced the dismissal of 263 employees as of 17 December 2014. The company, located in Targoviste (Dambovita County), is owned by the Russian Industrial Group Generation, through Obsesione Enterprises and Ogetto firms.

The decision of dismiss 40% of the staff has been notified to unions and labour Inspectorate. Termination of individual employment contracts will take place after the expiry of 20 working days' notice.

Currently, the company has 619 employees.

Sources

  • 3 November 2014: Bursa
  • 2 November 2014: Adevarul
  • 1 November 2014: Wall-Street

Citation

Eurofound (2014), Upet, Internal restructuring in Romania, factsheet number 77801, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77801.