EMCC European Monitoring Centre on Change



Geographic Location

Country: Slovakia
Region: Banskobystricky kraj; Stredne Slovensko
Location of affected unit(s): Žarnovica


Sector: Manufacturing
Manufacture of wood and paper products, and printing
16.21 - Manufacture of veneer sheets and wood-based panels
Number Employed: 233

Employment Effects

Announcement Date: 29-06-2007
Planned Job Reductions min: 233
Planned Job Reductions max: 233
Type of Restructuring: Bankruptcy/Closure
Direct Dismissals: 233

Additional Information

Slovak firm A.N.B. are to close their plant in Žarnovica with the loss of 233 jobs. The company, which was founded in 2000 and produces veneer sheets and parquetry, has been faced with economic problems for a couple of years. In 2006, more than 86% of the firm's production was exported to the EU countries. Recently, the increasing price of timbers and the strengthening of the SKK/Euro exchange rate has worsened the state of the company's finances. Company management recently attempted to acquire financial resources to modernise the production technology at the plant, but decided to close down the factory when it was unable to do this. All 233 employees working for the company will be fired. However, the timeline of employment effect is not yet known.