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 romanian defense company Romarm has cut around 2,000 jobs in 2005. In 2006, another 2,296 employees will become redundant.
The general manager of the company declared in 2005 that since very few employees come close to retirement age, the employees to be made redundant would be entitled to redundancy pay and professional re-conversion.
Romarm has 16 branches countrywide, which went up for sale mid 2005. Currently, production doesn't exceed 10% of its full capacity. In some cases, with orders from the defence sector becoming scarce, the company obtained orders from the civil sector (for example steel poles for mobile telephony antennas).
Companies interested in buying Romarm branches include Reihnmetall from Germany, Steyr and Glock from Austria and Finmeccanica (Italy).
Depending on the length of service with the company, employees may receive the equivalent of up to 36 monthly average wages in redundancy pay.
Eurofound (2005), Romarm, Internal restructuring in Romania, factsheet number 62408, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62408.
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