Internal restructuring
Nord-Est; Iasi;
Location of affected unit(s)
IaÅŸi (IaÅŸi county, Nord-Est region)
Manufacture Of Chemicals And Pharamceuticals
Manufacture Of Chemicals And Chemical Products
20.6 - Manufacture of man-made fibres

385 jobs
Number of planned job losses
Job loss
Announcement Date
30 April 2007
Employment effect (start)
1 May 2007
Foreseen end date
31 December 2007


In October 2005, Terom Iasi (IaÅŸi county, Nord-Est region) manufacturer of synthetic products (textile fibres and threads, technical wire, foils), with 1,855 employees, announced the intention to cut 1,113 jobs from 1 November 2005. The restructuring process was the outcome of a restructuring programme drawn up in agreement with the Board of Administration. To diminish the social impact, the government has approved redundancy pay, depending of length of service, according to Emergency Ordinance no. 8/2003.

The company had been privatised previously, but in March 2005, the Authority for State Assets Recovery (Autoritatea pentru Valorificarea Activelor Statului, AVAS) rescinded the share-sale contract for Terom Iasi, as the buyer had failed to make the full payment of the second instalment for the shares. As result the company come back in the ownership of AVAS.

In spring 2006, AVAS sales again Terom by components and enclosed it on the list of the companies for which the insolvency procedure was suspended. The synthetic fibers unit, with 385 employees, was purchased by the Italian company BiVaFil.

In April 2007, as result of financial problems, the synthethic fiber unit representatives announced the intention to cut all 385 jobs. AVAS announced the intention to start the liquidation procedure for the sythethic fiber unit of Terom this summer.



Eurofound (2007), Terom, Internal restructuring in Romania, factsheet number 62673, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62673.