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.
Nitroexplosives manufactures mining explosives. On January 2006, the company representatives announced that by the end of 2006 out of the total 266 employees, 106 will lose their jobs. In line with the Government decision, redundant employees benefited from the Emergency Ordinance no. 8 of 2003, which encourages the restructuring, reorganisation and privatisation of state-owned enterprises or companies subordinated to public authorities. According to the ordinance redundancy pay was granted depending on the length of service.
Government Decision no. 1883 was published in the Official Monitor on 8 February 2006, which marks the start of collective redundancies.
Together with another four companies, Nitroexplosives is the outcome of the division of the former chemical plant Nitramonia in Făgăraş. On 22 February 2006, the Authority for State Assets Recovery (Autoritatea pentru Valorificarea Activelor Statului, AVAS) initiated the privatisation of all five companies: Nitrofertilizer (manufacturer of nitrogen fertilizers and ammonium products), Nitroexplosives (mining explosives manufacturer), Nitrocontrol (company collecting and treating waste water), Nitroservice (special construction works) and Nitrotrans (provider of rail transport). AVAS holds 79.05% of the shares of each company.
In 2007, on 17 August, AVAS announced that in agreement with the trade unions the decisions for voluntary liquidation for all five companies were approved. All the remainig 168 employees of Nitroexplosives will lose their jobs and will receive redundancy payment according with the legislation and collective agreement provisions.
Eurofound (2006), Nitroexplosives, Closure in Romania, factsheet number 63043, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63043.
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