Unions to strike over 1,425 layoffs at Indesit

Shares in company gain almost 2% after job losses announced

Unions to strike over 1,425 layoffs at Indesit

Ancona, June 4 - Unions representing workers at Italian home-appliance maker Indesit said they will strike in protest after the company announced major layoff plans Tuesday. Earlier in the day, the company announced plans to cut 1,425 positions, including 25 managers, 150 white collar staff and 1,250 factory workers across three Italian manufacturing plants. In response, several unions, including FIOM-CGIL, FIM-CISL and UILM, said they will strike - without saying when. Meetings on Wednesday would determine what action to take, the unions said. The company said workers must be let go due to production and financial woes triggered by falling sales. A 70-million euro restructuring plan was being prepared, the company added. Investors applauded the plan and shares in Indesit gained 1.9% in value in Tuesday trading to end the day at 6.39 euros. Indesit plans to keep only high-end appliance manufacturing in Italy, and to concentrate low-cost appliance manufacturing in Poland and Turkey.

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