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Pininfarina close down production activities
#1279208
13/10/2011 17:36
13/10/2011 17:36
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Alesi
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Alesi
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Pininfarina is going to close down it's production activities in San Giorgio. As a result sadly over 100 employees will lose their jobs. What remains are design and engineering facilities.
Quoting their website: Turin, October 11, 2011 – Pininfarina S.p.A. announces that, today, it began to carry out the procedures required by current regulations for the purpose of implementing a long-term unemployment benefit plan for termination of production activities and staff downsizing, due to the absence of conditions suitable for continuing to operate the production activities.
The long-term unemployment benefit procedure will apply to 127 employees of the production sector and of directly and indirectly related units.
This transaction will result in a direct charge of 2.9 million euros for contributions to social security institutions and indemnities required pursuant to law, plus a payment of about 2.5 million euros to liquidate the provision for termination indemnities, which will be distributed upon completion of the procedure, with no impact on the income statement.
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