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.
Aluminium manufacturer Aldel in Delfzijl is taken over by its current director Chris McNamee and his company Aloft from the American private equity fund York Capital, to prevent bankruptcy. In the process, 120 of the total 325 full-time jobs are to be lost. Aldel has had to cut production considerably due to the rise in energy prices. Aldel consumes as much electricity as the entire city of Groningen. According to Aldel's financial director, York Capital has transferred ownership because of an 'uncertain investment climate': it is an uncertain investment because there is still no adequate compensation for CO2 costs, the so-called ETS scheme. This scheme aims to compensate companies that operate internationally against unfair competition from countries without CO2 taxes.
Management drew up a social plan in consultation with the Work Council and the trade unions. All the employees have been informed and those made redundant will receive a personal interview.
Damco Aluminium Delfzijl Coöperatie U.A. (ALDEL) is an aluminium plant based in Delfzijl, dealing with production and trading of aluminium and aluminium products. Aldel has had a hard time in recent years. In 2013, bankruptcy was already filed because of high energy prices: the previous announcement was recorded on the ERM database (Aldel,2013).
Eurofound (2021), Damco Aluminum Delfzijl Coöperatie U.A. (ALDEL), Merger/Acquisition in Netherlands, factsheet number 106019, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106019.
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