Ancona

Indesit meetings between company and unions set June 21

Troubled home-appliance maker set for major layoffs

Indesit meetings between company and unions set June 21

Ancona, June 12 - Trade union and company representatives from the troubled home-appliance maker Indesit will meet in Rome on June 21 to discuss major layoff plans announced last week. Unions FIOM-CGIL, FIM-CISL and UILM have been staging strikes near Ancona and a plant near Naples since the announcement. The company said it was set to cut 1,425 positions, including 25 managers, 150 white collar staff and 1,250 factory workers across three Italian manufacturing plants. Workers must be let go due to production and financial woes triggered by falling sales, the company said. 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 at the announcement during last Tuesday's 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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