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.
The Management Board of the SEPI, the Spanish state owned company for the promotion of industrial participation, authorized on 3 October 2005 the privatisation of Izar Construcciones Navales S.A. and the sale of three of the four companies belonging to Izar on 18 July 2006. According to SEPI, the sale must be signed before 1 August 2006 in order to avoid the closure of all factories of the group. The buying companies, with the exception of Construcciones Navales del Norte, S.A., have engaged themselves to support all the jobs (Izar has 1053 employees in Spain). This company (Construcciones Navales del Norte, S.A.) is going to acquire the Sestao factory and is planning a redundancy procedure affecting 236 of the 576 employees in Sestao. The main unions announce workers' mobilisations to protest against a breach of an agreement signed in December 2004 which approved not to sell the factories separately.
Eurofound (2006), La Naval, Merger/Acquisition in Spain, factsheet number 63810, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63810.