Crompton plans to axe a third of Belgium workforce

Crompton Greaves (CG) today said it is planning to cut 260 jobs at its Belgium operations out of total 730 and has initiated consultation process with the Belgian Works Council for the proposed reduction
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
Real-time Stock quotes, portfolio, LIVE TV and more.
GeStepAhead Travelcafe SME Special
moneycontrol.com

Home » News » Business

Jul 12, 2012, 08.23 AM | Source: PTI

Crompton plans to axe a third of Belgium workforce

Crompton Greaves (CG) today said it is planning to cut 260 jobs at its Belgium operations out of total 730 and has initiated consultation process with the Belgian Works Council for the proposed reduction

Like this story, share it with millions of investors on M3

Crompton plans to axe a third of Belgium workforce

Crompton Greaves (CG) today said it is planning to cut 260 jobs at its Belgium operations out of total 730 and has initiated consultation process with the Belgian Works Council for the proposed reduction

Post Your Comments

Share Cancel

Crompton Greaves (CG) today said it is planning to cut 260 jobs at its Belgium operations out of total 730 and has initiated consultation process with the Belgian Works Council for the proposed reduction.

In a BSE filing, the company said the transformer market in Western Europe is facing both, over capacity and price pressure and in this scenario, the downsizing is required to remain competitive and sustainable.

"... it is proposed that CG's Belgium operations be optimised for cost advantages, through administrative cost reduction measures and a right-sizing of its blue collar and white collar workforce.

"Approximately 260 employees are contemplated to be covered under the right-sizing exercise, out of a total of approximately 730 employees," the company said in the filing.

It further said that to carry the exercise, the company has commenced an information and consultation process with the Belgian Works Council as required by the Belgium Labour Regulations.

Crompton Greaves provides electrical products, systems and services for Utilities, Power Generation, Industrial and Consumers. The company, which is part of USD 4 billion Avantha group, has presence in 21 countries and employs more than 15000 persons.

In 2011-12, the company had reported a consolidated net profit of Rs 373.59 crore and consolidated net sales of Rs 11,248.58 crore.

Shares of the company closed today at Rs 121.20 apiece on the BSE, up 1.38 per cent from the previous close.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Crompton plans to axe a third of Belgium workforce

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login