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.
Matshushita Electric España, specialised in the production of electric domestic appliances, is a subsidiary of the Japanese group Panasonic. On 21 May 2004, the company announced the closure of the plant in Cedrá (Girona, Spain) by the end of December. The main reason is the lack of competitiveness in comparison to the Asian labour costs. The Spanish subsidiary has reduced production by more than half in the last years, accumulating losses amounting to 6.4 million euros in the last two years. Up to 80% of the redundancies are women with an age average of 40. Management is willing to help the redundant staff in finding a new job. The initial offer laid down by management was an indemnification of 60-62 days per year of service plus an additional linear amount of 9,000 euros plus 600 euros per month as incentives till the closure of the plant in December. The company's labour representatives have not yet agreed on the offer. Due to a strong process of job relocation in the region, regional authorities and local authorities wish to combine their efforts in order to find new ways of creating jobs.
Eurofound (2004), Matshushita Electric España, Closure in Spain, factsheet number 60352, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60352.