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.
Yazaki, a Japanese company providing electrical and electronics distribution systems for cars, is to close its plant in Buzau (Buzau County). The closing of the plant will affect 400 employees. According to the company’s announcement, the layoffs have different causes such as the premature discontinuation of production of a car model of one of the company’s main customers, the early transition to electric models, existing shortages and the demographic situation in the region.
The restructuring process started in August and is ongoing with the involvement of employee representatives and the trade union. The company announced that it will provide to the redundant employees financial benefits, assistance and social support, beyond the minimum legal requirements.
In Romania, the first Yazaki plant was opened in 2003, in Ploiesti and had a turnover of €241 million and a profit of approx. €4 million. As for December 2022, the company had 7,250 employees in Romania.
Eurofound (2023), Yazaki, Closure in Romania, factsheet number 200294, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200294.