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.
BA Glass Greece announced on 20 March 2024 its decision to close its plant in Greece effective as of the end of March. The multinational Portuguese conglomerate BA Glass Group sold the Yioula Glassworks and its factory in Aigaleo of Attica seven years ago. The Yioula Glassworks factory has been operating since 1947, it is classified among the major heavy industries of the country, and it is the last one operating in the sector in Greece. For the 121 employees who will lose their jobs, the Company negotiated and agreed with the union on a voluntary exit programme which includes more favorable financial arrangements than those legally provided for. According to the company, the reasons for closure are the lack of demand, ever-increasing storage costs and lack of storage space. According to the employees' union, the Company is profitable, and the closure is due to the fact that repairs are needed to continue operating the plant in Greece, which do not allow for short-term profits for the company. Support for the employees was also announced by the General Confederation of Greek Workers (GSEE), which calls for the immediate intervention of the Ministries of Labour and Development to find a solution promptly and to continue the operation of the factory through a new investor. According to GSEE, "while the multinational company BA Glass Group expands its activities with factories throughout Europe and beyond, it is closing the only glass factory in Greece."
Eurofound (2024), BA Glass Greece, Closure in Greece, factsheet number 200980, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200980.
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