Restructuring events
European Restructuring Monitor (ERM)
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.
The US-owned manufacturer of automotive components Neapco announced that it will implement a collective dismissal programme affecting up to 258 jobs at the production facility in Praszka, Poland. The conditions of the programme will be negotiated with the local trade unions; the management will propose a voluntary leave programme. As the source reports, the programme is related to the COVID-19 pandemic and a drop in demand on the automotive market; the company also uses the measures provided by the anti-crisis scheme.
Neapco was founded in 1921 in the United States. Currently, the company employs over 3,200 people at 11 locations around the world. Neapco provides its products, including driveshafts and aluminium castings, to such brands as Ford, BMW, Volkswagen, Daimler, Renault, Volvo and General Motors. Neapco employs 964 people in the Praszka factory.
Eurofound (2020), Neapco, Internal restructuring in Poland, factsheet number 100820, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100820.
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