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.
The Finnish oil refining company Neste has announced that it will cut 400 employees worldwide, including 300-350 jobs in Finland. About another 50-100 jobs abroad Finland will be cut, but, so far, there is no information on which countries will be affected.
The redundancies are part of organisational changes aimed at boosting the company’s competitiveness in the renewable fuel sector. The programme is an attempt to reduce operating expenditures by € 50 million annually. The measure is to create more than € 350 million of value by the end of 2026, most of it in 2024.
The conditions of the programme will be negotiated with employee representatives according to local regulations.
Founded in 1948, Neste produces, refines and market soil products, provides engineering services, and licenses production technologies. Neste has operations in 14 countries, its production facilities are located in Finland, the Netherlands and Singapore. The company employs about 5200 people worldwide.
The restructuring event in Finland has been recorded in the ERM events database [Neste-2023-FIN] (https://apps.eurofound.europa.eu/restructuring-events/detail/200479)
Eurofound (2023), Neste, Internal restructuring in World, factsheet number 200569, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200569.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
