The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.5 - Manufacture of other chemical products
570 jobs Number of planned job losses
Announcement Date
15 May 2020
Employment effect (start)
17 May 2020
Foreseen end date
31 December 2020
Description
The Belgian chemical company Solvay has announced a reorganisation of its composite materials business with 570 job cuts in the United States and UK as it accelerated its restructuring due to the COVID-19 pandemic. The total headcount of the division would fall by about 20%. The reorganisation leads to he closure of two sites at Tulsa (Oklahoma, USA) and Manchester (UK). The two sites will be closed before the end of the year. Solvay plans to transfer some activities to other plants in the USA and UK. The division, which makes plastics, resins and carbon fibre material for the aerospace industry, had already started a cost-cutting programme with 500 job cuts due to reduced production of Boeing’s grounded 737 MAX plane (see ERM FS). But this reorganisation is currently not sufficient to overcome the drop in expected demand for civil aircraft caused due to COVID-19.
Sources
Citation
Eurofound (2020), Solvay, Internal restructuring in World, factsheet number 100699, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100699.
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