C.P. Clare reorganizes Belgian operations; Announces creation of a new sales and marketing company; Seeks worker and union participation in reshaping mercury switch facility.LEXINGTON, Mass.--(Business Wire)--July 10, 1996--C.P. Clare Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ), announced today that it is reorganizing its European subsidiary, C.P. Clare International, and its operations in Tongeren, Belgium to meet the changing demands of the international market for communications components. The corporation has formed a new subsidiary, C.P. Clare, N.V., to concentrate on sales, marketing and distribution throughout Europe; this new organization will be headquartered in Belgium. At the same time, the name of the company that owns the factory has been changed to reflect the new corporate structure and will be known as the Tongeren Manufacturing Co. To make the transition as easy as possible management is seeking the active support and cooperation of the staff, works council Noun 1. works council - (chiefly Brit) a council representing employer and employees of a plant or business to discuss working conditions etc; also: a committee representing the workers elected to negotiate with management about grievances and wages etc and unions to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. the manufacturing facility to meet the realities of the market for wetted reed switches The reed switch is an electrical switch operated by an applied magnetic field. It was invented at Bell Telephone Laboratories in 1936 by W. B. Elwood. It consists of a pair of contacts on ferrous metal reeds in a hermetically sealed glass envelope. . "C.P. Clare wants to continue to manufacture wetted reed switches in Tongeren," explained Arthur R. Buckland, president and chief executive officer. "However, we can no longer keep certain product lines open and must face the reality that the work force has to be reduced if we are to retain any production facilities in Belgium." C.P. Clare Corp. (NASDAQ:CPCL) is a leading provider of semiconductor and electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. relays, switches and specialized electronic components to the world's foremost manufacturers of electronic communication equipment. CONTACT: C.P. Clare Corp. Robert M. Palladino, 617/863-8700 x704 or Lakeview Associates Ian Cheeseman, 860/739-5598 |
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