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.
Iskra Avtoelektrika, manufacturer of products for the automotive and mobile hydraulics industries is to cut more jobs bringing the total to 640 by August 2009.
The latest information from 2009-03-20 reports on further dismissals due to worsening economic trends and reduced orders. In 2008, Iskra Avtoelektrika reduced the number of employees by 300 (and not by 250 as previously reported), by end June 2009 the number of employees will be further reduced to 1,600 and by end August 2009 to 1,360. Thus, economic downturn will altogether result in the loss of 640 jobs.
Iskra Avtoelektrika manufactures alternators, starter motors, integrated flywheel starters, mechatronics, electric motors, electronic controllers etc.. Since October 2008, the company has been faced with a severe reduction of orders (30%-35%). In mid 2008, the company employed 2000 people, but as a consequence of the reduced orders it dismissed 150 workers. The management decided to reduce the number of employees by another 100 people by the end of 2008. All the workers which lost jobs had fixed term contracts.
Eurofound (2008), Iskra Avtoelektrika, Internal restructuring in Slovenia, factsheet number 67710, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67710.
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