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.
On 1 February 2022, the Paris Commercial Court validated the takeover bid for Alvance Aluminium Wheels, which entails the loss of 106 jobs out of a workforce of 270. Its factory, located in Diors (Indre), is the last aluminium wheel production site in France. The buyer of the site is the company EDS, which belongs to Emile di Serio, the CEO of the Saint Jean Industries foundry group. The new name of the factory will be "Imperial Wheels", after its takeover by EDS. 166 jobs are to be saved, with the aim of increasing the workforce to 400 by 2026, according to the Ministry of the Economy.
Around 106 employees will lose their job.Aid will be paid to them by an exceptional fund activated by the public employment service - Pôle emploi - dedicated to redundancies in the automobile industry. They will receive one year's net salary, as well as training and assistance with mobility or business creation.
The industrial project for this site provides for the continuation of the production of aluminium wheels for the main French car manufacturers, while producing new wheel models thanks to a new technology, Cobawheels, provided by the buyer.
The plan is financed by the state to the tune of €41 million (€11 million in direct subsidies, €30 million in direct loans) and by the Centre-Val de Loire regional council to the tune of €5 million. EDS is adding €7 million, including €5 million in the form of patents for the exploitation of its innovations.
Eurofound (2021), Alvance Aluminium Wheels, Merger/Acquisition in France, factsheet number 106045, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106045.
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