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.
Petrom, manufacturer of refined petroleum products, the biggest Romanian company held now by the Austrian OMV group, is hiring a massive number of accountants as part of the internal reshuffling of its financial department, run by Austrian Reinhard Pichler. Sources inside Petrom say the organisational chart of the new services centre, situated in Bucharest, includes more than 1,000 positions. In 2004, OMV took over a stake of 51% in Petrom and last year initiated a large restructuring process. OMV has started evaluating Petrom managers and operating massive recruitment for its different departments.
Petrom reported net income worth EUR 247 million for the first quarter of the year while turnover stood at EUR 877 million, reflecting the rise in crude oil prices internationally and the impact of the restructuring moves. In the first quarter, the number of employees of the company was 40,800, as compared with 49,700 in the same period in 2005.
Eurofound (2006), Petrom, Business expansion in Romania, factsheet number 63536, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63536.