Restructuring events
European Restructuring Monitor (ERM)
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.
VingCard Elsafe, a Norwegian producer of locks for the international hotel and cruise market based in Moss and part of the Swedish group Assa Abloy, announced on 11 January 2008 that is to cut approximately 60 full-time jobs in 2008 and other 40 jobs in 2009. These redundancies result from the Board decision to move some of the production operations to China and downsize the factory in Moss.
The decision was not unexpected as the management already in September informed that downsizing had to come. All the same, The Board decision caused anger among the union representatives. The union leader at VingCard says to the press that “We understand that reorganisations are necessary to survive, but this kind of downsizing is not acceptable”. Even if it will be easy for most of the workers to get new jobs because of a favourable labour market, he is concerned about the competence that will vanish. The managing director says to the press that “a lot of money will be used on severance pay and on finding alternative jobs”. Also re-qualification and training is on the agenda.
VingCard has today 330 employees, whereof 212 in the manufacturing. The company had a turnaround of 750 million NOK last year and a surplus of 21 million before taxes in 2006.
Assa Abloy has 12 subsidiaries around the world. The downsizing is part of the goup’s offshoring policy all over Europe. The group will downsize with around 2000 employees in this region, and move production to China.
Eurofound (2008), VingCard Elsafe, Offshoring/Delocalisation in Norway, factsheet number 66208, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66208.
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