Casting Technologies Farsund

Type
Closure
Country
Norway
Region
Norge; Agder og Sør-Østlandet; Agder
Location of affected unit(s)
Farsund
Sector
Manufacturing
(29 - 30) Manufacture for transport equipment
29.3 - Manufacture of motor vehicle parts and accessories
29.3 - Manufacture of motor vehicle parts and accessories
240 jobs
Number of planned job losses
Job loss
Announcement Date
28 January 2009
Employment effect (start)
28 January 2009
Foreseen end date

Description

Casting Technologies Farsund (CTF), a subsidiary of CTC Casting Technologies, has announced its closure with the loss of 240 jobs. It has been known for a while that the company has had problems as a consequence of the financial crisis and reduced car sales. CTF has a debt of 208,7 million NOK while company assets are estimated to 145 million NOK. The chief shop steward says to Farsuns avis that this outcome was expected and that CTF is now history.

Sources

Citation

Eurofound (2009), Casting Technologies Farsund, Closure in Norway, factsheet number 67966, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67966.