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 Promek company is a subsidiary of the Fiat Group in Spain. The company Promek is specialised in the manufacture of accessories for motor vehicles. On 18 June 2004 the company has communicated to the labour representatives its closure for July 2004. The company will pay an indemnification of 60 days per year of service. The management said the situation of the company was critical. Final agreement has been reached on 21 July 2004 between labour representatives and the management for the closure of the plant. The 223 labour with ages under 50 will receive an indemnification of 50 days of service whereas the 119 labour over 50 will receive 70% to 75% of their salary. The company will dedicate 22 million euros to the measure. Regional authorities have shown their concern so that the closure of Promek will be done in a non traumatic way.
Eurofound (2004), Promek, Closure in Spain, factsheet number 60397, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60397.
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