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.
According to Government Decision no. 891 of 4 August 2005, the company Termoserv in Turceni (Sud-Vest region, Gorj county) will make redundant 200 of the 901 employees. Termoserv was established in 2003 following the restructuring of the electric power plant in Turceni and now manufactures steam generators and provides services to thermal power plants in the area, especially the Complexul Energetic Turceni.
Termoserv is currently state-owned and subordinated to the Ministry of Economy and Commerce (Ministerul Economiei şi Comerţului, MEC). In the future, MEC intends to privatise Termoserv, either separately, or together with the power station it serves.
Under the law, redundant employees will be entitled to redundancy pay plus compensation equal to two years' average national wages.
Eurofound (2005), Termoserv Turceni, Internal restructuring in Romania, factsheet number 62217, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62217.