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 Spanish airline company Iberia has presented a job reduction plan creating 1,500 redundancies out of 24,667. The measure is part of a plan which intends to reduce costs by €680 million by 2008. While the job reduction plan has been presented to the regional authorities, negotiations are still been carried out with the labour representatives. High oil price and the development of low cost airlines have been determinant factors for the company to present the job reduction plan.
On 14 October 2005 the company gave more details on the restructuring. Iberia announced the job reduction will affect 203 pilots and 1,297 staff employed in airports and Iberia centres.
On 25 October 2005, the company announced the total redundancies affected by the job reduction plan will be 2,164 till 2008. 1,297 employees will be made redundant in the Iberia centres and airports staff. 867 cruise cabin employees, of which 203 pilots will be made redundant.
Eurofound (2005), Iberia, Internal restructuring in Spain, factsheet number 62390, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62390.