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.
Ercros is a Spanish company specialised in the production of refined petroleum products. The company has had a profit of 7.35 million euros in 2002 but losses of 17.82 million euros in 2003. After registering losses again in the first quarter of 2004 (7.4 million euros), the company has proposed on 9 June 2004 a job reduction plan to the labour representatives. The plan includes the dismissal of 194 of its workforce in the whole of the Ercros's production centres in Spain. The labour representatives consider the proposal as exaggerated. The Ercros management announced its intention to reach an agreement with the labour representatives. This job reduction plan runs parallel to a plan of 82 incentivised dismissals before 2005, 50 of which will take place in 2004.
On 19 January 2005, labour representatives confirmed the preagreement of last July creating 160 redundancies with early retirement and incentivised dismissals.
Eurofound (2004), Ercros, Internal restructuring in Spain, factsheet number 60385, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60385.
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