29th Jun 2012 13:33
PRESS RELEASE
CROMPTON GREAVES LIMITED
The Company has been progressively evaluating opportunities for improving operational viability of the various businesses of CG. The transformer market in Western Europe is facing both over capacity and price pressure. Therefore, in order to have globally competitive and sustainable business operations in Europe, 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.
Towards the above, the Company has commenced an information and consultation process with the Belgian Works Council regarding overhead reduction and potential right-sizing of employees at its Belgium operations, as required by the Belgium Labour Regulations.
The Company has adequately prepared itself to respond to the needs of business continuity during the possible rationalisation exercise.
Dated 29th June, 2012
Related Shares:
CGVD.L