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 17 January 2005, the supervisory board of the traditional Austrian tobacco manufacturer Austria Tabak, which is completely owned by the British Gallaher group, decided to close down two of the corporation’s four production sites located in Austria. More precisely, the plants in Schwaz (Tyrol) and Fürstenfeld (Styria) will terminate their operations by the end of this year (2005). As a consequence, 140 employees stand to lose their jobs. The company’s CEO, Stefan Fritz, stated that this measure is devised to secure the competitiveness of the two remaining plants situated in Linz and Hainburg.
Eurofound (2005), Austria Tabak, Closure in Austria, factsheet number 61157, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61157.