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.
Romanian glass company, Fabrica de Sticla Avrig specialized in the production of hand-blown glass, has announced plans to close its glass plants in Avrig (Sibiu County) by the end of September 2020. Around 120 employees will be dismissed in this collective redundancy. All its products were exported to European (90%) and American (10%) markets. The plant was established around 1625.
According to a company's spokesperson, the reasons behind the closure are skilled workforce shortages, an oversized production compared to the actual sales over last years, very high personnel, gas and power costs, an ongoing bankruptcy process and the consequences of the COVID-19 outbreak.
In 2004, the plant was bought by the French group ARC International, the producer of the Luminarc glassware, for about $2 million and subsequently transferred to a company registered in the British Virgin Islands, Vois Group Limited.
Eurofound (2020), Fabrica de Sticla Avrig, Closure in Romania, factsheet number 101800, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101800.