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.
Valeo, a French automotive equipment supplier, has announced the closure of three production facilities in France, putting approximately one thousand jobs at risk. This follows the company's earlier announcement in January 2024 of a global reduction of 1,150 employees Valeo 2024 - WO including 235 job cuts in France. The affected employees work on the sites at L'Isle-d'Abeau (350 employees, Isère), La Suze-sur-Sarthe (270 employees, Sarthe) and the R&D centre at La Verrière (Yvelines). Despite actively seeking buyers for these facilities, Valeo's struggles are attributed to its failure to adapt to emerging challenges in the vehicle market, particularly the shift towards electronic vehicles and the need to comply with new ecological standards in car manufacturing. The management has to agree a social plan with the trade unions which will give a breakdown of the departure between forced dismissals, voluntary departures, relocations... It should be signed before the end of 2024 according to the usual practice in such large group.
Previous announcement were recorded on the ERM Database in 2017 with 700 job creations Valeo 2017 - FR, in 2012 with 300 job creations Valeo 2013 - FR, in 2008 with 1,600 job cuts Valeo 2008 - FR, in 2007 with 260 job cuts Valeo 2007 - FR and in 2006 with 130 job cuts Valeo 2006 - FR.
Eurofound (2024), Valeo, Closure in France, factsheet number 201407, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201407.