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© aydindurdu-dreamstime.com Electronics Production | December 20, 2013

Neways reaches agreement on NEK redundancy plan

Neways has reached agreement with the works council on a redundancy plan for the workforce of around 120 people at operating company Neways Electronics Production GmbH (NEK) in Kassel (Germany).

The agreement follows Neways’ decision announced in November to not resume production activities at this location in Germany. In September, a fire at NEK brought all production at NEK to a standstill, upon which these activities were transferred to other Neways operating companies. The redundancy plan includes a commitment by Neways to assist staff in finding appropriate work either within the company or elsewhere. Furthermore, Neways announces that it has reached agreement with its insurer on the main items of the damages payment related to the fire. The costs of the redundancy plan and the agreement on the compensation payment related to the fire are two separate items. Neways’ business insurer has agreed to cover the damages suffered due to the loss of all stocks and inventory as a result of the fire and all damages due to the interruption of normal business processes. Despite the cessation of the production activities in Kassel, Neways continues to see Germany as an important growth market. Neways is represented in Germany by the operating company Neways Neunkirchen and also has a German sales organisation.
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