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.
French manufacturing group of seamless tubes Vallourec has announced it will cut about 2,950 jobs worldwide by the end of 2023.
2,400 jobs will be cut in Germany (Vallourec-2022-DE), 320 in France (Vallourec-2022-FR), 70 in Scotland and the rest in other locations. Part of the production will be relocated in Brazil.
In Germany, the company decided to close its production sites in Düsseldorf and Mülheim, because the production of seamless steel tubes was no longer economically viable. These closures will have an impact on some production sites in France, where a restructuring plan will be in place. The company announced that employee representatives had been informed of the decision and that consultations would be initiated to minimise the social impact and achieve a social plan.
A previous business restructuring worldwide was recorded in the ERM database in 2015, with 2,000 job cuts (Vallourec-2015-WO).
Eurofound (2022), Vallourec, Closure in World, factsheet number 106855, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106855.