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.
On July 2004 Saez Merino announced its profits had dropped by 72.5% from 2002 to 2003 and foresaw losses in 2004. The management has therefore decided to close four of its plants in Spain, three in the province of Valencia, in the localities of Torrent, Ayora and Carcaixent, affecting 411 labour, and the fourth in Casas Ibañez affecting 137 labour in the province of Albacete. Around 75% of the affected labour are women. The company has decided to subcontract 50% of its production in Morocco. Other reasons put forward by the management to take the decision are the crisis of the textile sector and its liberalisation by 2005. The labour representatives of the company have announced measures in order to avoid the relocation process.
Eurofound (2004), Saez Merino, Offshoring/Delocalisation in Spain, factsheet number 60669, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60669.