European EMS firm broken in three
TES expanded quickly during the middle years of the last decade, buying up small manufacturing units around France as well as units in India. However, the company went into receivership earlier this year when it ceased to be able to service its debts. The company had annual revenue of about 100 million euro (about $140 million) one report said.
The tribunal has decided to transfer activities to three companies.
Asteel Flash Europe (Sainte-Marie de Redon, France) is taking over the largest site, which is at Langon. Of just over 300 jobs there 118 will go, the reports said.
La Croix Electronic Solutions (Vern-sur-seiche, France) take on the TES facilities at Quimper and Grenoble preserving 56 of 60 jobs.
Finally Skywave, a company created by four executives from the TES site in Bruz, near Rennes, is taking over operations there working on communications systems for defense and space applications, according to a local report, with 25 jobs preserved and four lay-offs.
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
