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.
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.
Eurofound (2012), Crompton Greaves Power Systems, Internal restructuring in Belgium, factsheet number 73842, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73842.
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