EMCC European Monitoring Centre on Change

Fundo Wheels

Company/Organisation:
Fundo Wheels

Geographic Location

Country: Norway
Region: Sogn og Fjordane; Vestlandet; Norge
Location of affected unit(s): Høyanger

Company

Sector: Manufacturing
Manufacture of transport equipment
29.3 - Manufacture of parts and accessories for motor vehicles
Number Employed: 350

Employment Effects

Announcement Date: 11-02-2009
Planned Job Reductions min: 350
Planned Job Reductions max: 350
Type of Restructuring: Closure
Foreseen End Date: 13-02-2009
Direct Dismissals: 350

Additional Information

 

Fundo Wheels in Hoyanger, which produces aluminium rims for the car industry, announced its immediate  closure on February 11th with the loss of 350 jobs.

The company had a surplus for the first time in the first half of 2008, but in the autumn the financial crisis and drop in car sales hit the company hard. On 12th December production was stopped and many employees were temporarily laid off. The company has been unable to continue production. On 12th January, the Board presented a petition for compulsory winding-up. During the period afterwards the company has tried to find new investors for the company to survive, but eventually had to give up as the main customers Volvo and Audi were unable or unwilling to contribute to a solution.