Fagor Brandt news and information on new products, company news and information and so on.
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Elco Holdings, controlled by Gershon Salkind, yesterday admitted to losing NIS 21 million in the first quarter of 2005.
The first quarter preceded a serious overhaul at Elco, which included shedding Elco Brandt, its French maker of air conditioners and other household appliances, which has been bleeding money for years. Elco also sold off Liberty Properties.
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Elco Holdings subsidiary Elco Brandt has announced the completion of negotiations with the company's employee representatives for the retirement of 357 manufacturing workers. The plan includes an option for early retirement beginning in 2005 until 2006. Elco Brandt will make a provision of €9 million (NIS 51 million), out of the total cost of €14 million (NIS 80 million), since the French government will share in part of the arrangement. The provision for the plan will be reflected in fourth quarter accounts of this year, although the cash payments will be spread out through 2010.