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 Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25.62 - Machining
237 jobs Number of planned job losses
Announcement Date
31 July 2020
Employment effect (start)
3 August 2020
Foreseen end date
31 December 2020
Description
The Commercial Court of Grenoble has validated the takeover plan proposed by the current CEO of Frank & Pignard, which includes 237 job cuts. This company located at Thyez (Haute-Savoie), a well-known company of screw-cutting, was placed in receivership on 2 June.
The project provides for 237 job cuts of a total workforce of 367 jobs. The project chosen to take over the company is the one carried by three of the four current shareholders.
On the day the judgement was announced, around twenty employees gathered in front of the factory's headquarters to denounce a flawed project. A trade unionist pointed the finger at the current CEO, a member of the trio of buyers. The employees are wondering how their CEO, who has mismanaged their company, can be allowed 'to buy it by putting nearly 240 people out of work'.
Frank & Pignard is one of the historical companies of the French department of Haute-Savoie, where it is operating since 1955.
Eurofound (2020), Frank et Pignard, Merger/Acquisition in France, factsheet number 101395, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101395.
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