FRANCE: Cheynet to axe jobs at main production plant
Lingerie elastic producer, Groupe Cheynet, is poised to make significant jobs cuts at its main production plant in Saint-Just-Malmont, near St Etienne.
The company was placed under judicial administration at the beginning of the month amid financial difficulties.
Cheynet said it expects to put a precise figure on the number of job cuts, to form part of a restructuring programme, before the end of July. The plant currently employs around 300.
Unions fear the plant's workforce could be reduced by up to 50%.
Cheynet employs around 600 staff across its production centres in France, Tunisia and Thailand.
It generates an annual turnover of around EUR35m.
In 2007, as part of the restructuring of its narrow fabrics segment, Cheynet closed its Chambon-Feugerolles production plant, employing 100 workers.
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