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 manufacturer of aircraft machinery Lauak Aerostructures Setúbal announced a collective dismissal of 161 workers. These are 36 redundancies less than the initial announcement at the beginning of June 2020, mentioning 197 dismissals. The crisis caused by COVID-19 is the main reason given for this internal restructuring process. The pandemic led to the cancellation of orders by the main global producers - Boeing and Airbus, the main customers of the Lauak Group. The Group marks a 36% drop in turnover.
The redundancy programme will be carried out until July 15th and covers 20 professional categories: administrative, engineers, senior technicians, plating operators, logistics and reception. Performance evaluation; low academic or professional qualification, little experience in the function or less seniority were the criteria for selecting workers covered by collective redundancy.
Eurofound (2020), Lauak Aerostructures Setúbal, Internal restructuring in Portugal, factsheet number 101118, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101118.