EMCC European Monitoring Centre on Change

Hyosung Wire

Company/Organisation:
Hyosung Wire

Geographic Location

Country: Luxembourg
Region: Luxembourg (Grand-Duché); Luxembourg (Grand-Duché); Luxembourg (Grand-Duché)
Location of affected unit(s): Roost

Company

Sector: Manufacturing
Manufacture of basic metals and fabricated metal products, except machinery and equipment
25.93 - Manufacture of wire products, chain and springs
Number Employed: 200

Employment Effects

Announcement Date: 03-10-2012
Planned Job Reductions min: 186
Planned Job Reductions max: 200
Type of Restructuring: Closure
Employment Effect Start: 01-11-2012
Foreseen End Date: 01-04-2013

Additional Information

On 22 October 2012, Hyosung Wire announced the closure of its plant on the 1st of April 2013, making up to 200 employees redundant. Of the 200 employees, 14 will stay at the site for storage and sales activities. 23 are reported to go on to early retirement.

In 2011, the Korean group Hyosung took over the plant, which is specialized in the production of metal cable for tires, from Goodyear.