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.
Electronic cabling firm Wessel Industries is closing a manufacturing unit in Dublin with the loss of 120 jobs and consolidating its Irish business in Longford. However, staff at the Dublin plant will be offered the chance to move to another Irish plant in Longford, where Wessel employs 100 people.
Mr John Hughes, managing director of Wessel, said it was not certain how many jobs would be available in the more modern Longford factory but the number would be substantial.
The company, which has operated the Dublin plant since 1979, said the decision to close was unavoidable "due to market trading conditions, the pressure to reduce costs and to remain competitive while retaining a manufacturing presence in Ireland". The Dublin factory first opened in 1946.
The jobs will be phased out over the year, with most people not leaving the company until September. Staff would be given help in finding alternative employment, the company said.
Wessel manufactures cabling for the energy, data and telecommunications sectors.
Mr David Murphy, marketing and communications manager in Ireland for ABB, Wessel's parent company, said the company had succumbed to the same problems that have beset other manufacturing industries in Ireland.
"Costs are rising across the range - in insurance, raw materials, staff and logistics," said Mr Murphy. "The fact is that the cheaper economies in eastern Europe are an increasing problem for manufacturing in Ireland".
Eurofound (2004), Wessel Industries, Closure in Ireland, factsheet number 58940, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/58940.
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...
