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 social plan proposed by the management will involve 128 direct dismissals, 73 early retirements, 27 short-term contracts not renewed and 100 workers put on technical unemployment for three years. Management tells that there would be no dismissals in 2003 but 270 job cuts remain to be negotiated. At the beginning of 2004, management announced that the procedure of collective redundancy would be suspended and that 100 or 150 workers would be hired. This new development is caused by the positive evolution of the orders.
In September 2005, a new decision was taken regarding the restructuring. In order to save €54 million, the company will lay off 35 temps, 115 permanent employees, and allow 129 employees to benefit from early retirement measures. By 2008, expected workforce should be reduced down to 1,500. Weekly working hours will also increase from 35 hours to 38 hours a week and 3.5 yearly holidays will be lost by remaining employees.
Eurofound (2003), Sonaca, Internal restructuring in Belgium, factsheet number 60119, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60119.