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.
BP Austria, a subsidiary of the BP concern headquartered in London (United Kingdom), announced on 22 June 2006 the planned dismissal of about 70 out of its current 430 employees all over the country. According to Hans Strassl, the companys chief executive officer, this measure is inevitable since the company has run at a considerable loss for the last two years. Competition in trading with mineral oil products has been extremely intensified, with the result that permanently increasing cost prizes cannot be realised on the market any more. As a consequence, 100 out of current 562 service stations are planned to be closed down or sold by the end of 2006. The employees concerned will be covered by a social plan which will bring about expenditures of EUR 20 million for the company.
Eurofound (2006), BP, Internal restructuring in Austria, factsheet number 63665, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63665.