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.
On January 2006, Nitroservice representatives announced that by the end of 2006, 162 employees will lose their jobs.
In line with the Government decision, redundant employees benefited from 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 length of service.
Government Decision no. 1883 was published in the Official Monitor on 8 February 2006, which marked the start of collective redundancies.
Together with another 4 companies, Nitroservice is the outcome of the division of the former chemical plant Nitramonia in Făgăraş. Nitroservice provides special construction works, mainly for the factories in the area. On 22 February 2006, the Authority for State Assets Recovery (Autoritatea pentru Valorificarea Activelor Statului, AVAS) initiated the privatisation of all 5 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 130 employees of Nitroservice will lose their jobs and will receive redundancy payment according with the legislation and collective agreement provisions.
Eurofound (2006), Nitroservice, Closure in Romania, factsheet number 63044, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63044.
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