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 LG Electronics plant in Newport, south Wales is to close at the end of the year with the loss of 315 jobs. LG Electronics Wales, which assembles computer monitors on the site, blamed falling prices and expressed regret. One worker said staff were very depressed after being told the news before being sent home for the day. In a letter to workers, the company's managing director said there had been a 'great deal of speculation' about the plant's long term future. Production lines had been reduced from six to three but a return to profit 'unfortunately...has not materialised.' Welsh Enterprise Minister Andrew Davies said he was 'very disappointed' with the closure decision. 'The company has assured us that this decision in no way reflects on the quality of the workforce in Newport, but has been taken as a result of the intense global conditions for their products - particularly the rapid decline in price of the products they supply,' he said. Mr Davies said a team would be sent in to work with the company and the employees affected by the decision. 'We are also examining the local supply chain to ensure that any impact of this planned closure on any local companies is minimised,' he said. The company originally invested on the site in 1996 and had promised to bring 6,000 jobs to the area. Liberal Democrat Kirsty Williams was critical of the company's record in the area, and described the firm's investment as a 'white elephant'. She said: 'Instead of the major shot in the arm that the Welsh economy was promised, Newport got a pain in the neck - a small factory producing electronics and an embarrassingly large hi-spec white elephant.'
Eurofound (2006), LG Electronics, Closure in United Kingdom, factsheet number 63923, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63923.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
