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.
Glass manufacturer Cristiro in Bistriţa (Bistriţa-Năsăud county, Nord-Vest region) will make 524 employees redundant by the end of 2005. In 2005, the company had 591 employees.
‘Collective redundancy is the result of excessive economic losses caused by the increase in prices of acquisition for power products and main raw materials as well as by the evolution of the leu/euro exchange rate', indicates a company press release. The company issued the redundancy decision on 5 December 2005, with the employment contracts termination date on 28 December.
Cristiro's financial report for the first 9 months of the year indicated a turnover of 8.2 million lei, 38% higher than for the same period in 2004. Company losses grew however, from 821,000 lei in the first three quarters of 2004, to over 1,000,000 lei as of 30 September 2005.
Eurofound (2005), Cristiro, Internal restructuring in Romania, factsheet number 62674, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62674.