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.
Vallourec, the French specialist in seamless steel tubes, has announced 350 job cuts.
The company is heavily dependent on an auto market where demand has reduced due to the COVID-19 pandemic and reduced mobility / transport. The company is set to close the Déville-lès-Rouen plant (Seine-Maritime), which accounts for 200 jobs. The group's sites in the Nord department would also be affected by the loss of 130 jobs, 43 of them at Aulnoye-Aymeries plant and roughly 90 at Saint-Saulve plant.
Vallourec recorded sales of €716 million in the third quarter of 2020, down by 32%, but its gross operating income remained slightly higher. Worldwide, Vallourec plans to cut 1,050 positions out of a total of nearly 19,000 employees. It had already announced in the first half of the year that it was cutting 900 jobs in North America, that is a third of the region's workforce. Three previous restructurings were announced in 2015 with 550 job cuts; 145 job cuts in May 2014 and 117 job cuts in 2004.
Eurofound (2020), Vallourec Tubes France, Closure in France, factsheet number 102570, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102570.
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