The Cablerías Group, a Spanish multinational supplying automotive components, has entered insolvency, putting the livelihoods of around 250 employees in Valença at risk. The Union of Metallurgical and Related Industries (SIMA) expressed deep concern, highlighting that the situation is exacerbated by the layoffs of temporary workers, many of whom have already been dismissed.
SIMA clarified that the company’s financial troubles are not due to a lack of work but stem from difficulties in securing financing and finding investors willing to intervene. This issue will be a crucial factor in the company’s potential recovery.
While similar challenges are affecting other branches of the company in Spain and Morocco, SIMA emphasized that the impact on both workers and the local region could be significant. The union has called on authorities to explore restructuring options and investor solutions that could preserve jobs.
This news follows another significant blow to the region, as Coindu announced the closure of its Arcos de Valdevez plant, leading to 350 job losses. SIMA has vowed to continue supporting affected workers and closely monitor the situation.
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