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.
"Nordman" is the name currently used for a new company, which will be established by American Simonstein & Henricks Finance Corporation as a Greenfield investment in Slovakia. The company will produce fibreglass components for trucks and trailers as well as special fibreglass panels for the shipbuilding, airplane and train industry.
According to the manager of this project, Gerard Henry Leroux, these materials were only recently used for the first time in Europe. The technology is very much based on the use of industrial robots. The new investment would cost around SKK 16.5 billion. Because of the high unemployment rate in the region (17%) the company would be entitled for state aid representing almost 22% of the total investment. However, it has asked for much less - only for SKK 794 million. Full production would start there in 2008.
According to the last information, the Nordman project will be not realised. Due to the long lasting ineffective consultations with the investor, the local municipality as well as the state agency SARIO finished the negotiations on the project. Local municipality, however, believes some other investors will come to the region soon.
Eurofound (2006), Nordman, Business expansion in Slovakia, factsheet number 63602, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63602.
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