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 French company Valeo announced its closure. The measure will affect 339 workers. According to the management, there will be no collective dismissal, as they will resort to voluntary departures accompanied by special benefits. Management states the lack of work to justify the measure. Unions consider it another case of delocalisation to countries where the workforce is cheaper (the group already has a plant in Morocco). Valeo benefited, in October 2001, of a State subsidy of 8,000 euros. Valeo is installed in Santo Tirso since October 2000 and has 25 plants in the whole world where it employs 67,000 people.
Eurofound (2004), Valeo, Closure in Portugal, factsheet number 60292, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60292.