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.
An engineering company based in Ballymena in County Antrim has announced its imminent closure. About 120 people are employed at the John Crane UK engineering firm which makes hi-tech components for the oil industry and for Westland Helicopters. Ballymena DUP mayor Tommy Nichol, who is also an employee, said staff have been told most of the work is going. Chris Fox of the Smiths Group which owns John Crane UK, blamed the decision on global manufacturing pressures. John Crane had been been forced to make similar decisions before and closed three operations in Berkshire in 2001 and one in Manchester in 2002, Mr Fox said. 'There will be no job losses before the new year, even then it will be a gradual run down over a two-year period,' he said.
Eurofound (2005), John Crane UK, Closure in United Kingdom, factsheet number 62391, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62391.