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.
Safran is a French aeronautic company that works in the aviation sector. Safran builds and maintains components of aircrafts. Partnering with AirFrance - KLM, Safran is creating a joint venture which aims to backshore the mantainance of aircraft components from Singapore to France. Safran will hold 51% of the partnership, and Air France-KLM will hold 49%. Total forcasted investment is as much as €20 million ($22.45 million). A factory specialised in the maintenance of plane engines will open in Saint-Amand-les-eaux, near Valenciennes. 200 jobs are expected to be created, with 60 safeguarded until 2017. Both companies are partially owned by the French State, which, according to the source, has played a key role in the decision to backshore. The new French plant will specialise in the maintenance of a specific airplane engine (the CFM56 engine), which is currently the best-selling plane engine in the world. Safran is simultaneously expanding its investments in Singapore, and Safran reported that helicopter production and maintainance will remain there.
Eurofound (2016), Safran , Reshoring in France, factsheet number 192, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/192.