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 Agfa-Gevaert group whose activity consists of medical and graphic imagery techniques has been in difficulties for several years. It needs to innovate, since it has fallen behind the competition with the introduction of digital technology and has also been ill-equipped to absorb raw material price increases.
The Agfa-Gevaert group wants to save 250 million euros per year between now and 2008. So, they are planning to make 2,000 people redundant worldwide, which is 15% of the total workforce, in the hope of getting the company onto a sound footing from where growth will be possible. Employees in Belgium will be particularly affected and at least 945 workers will lose their jobs, of which 892 will be at the companys headquarters in Mortsel (Antwerp). Agfa Gevaert employs 15,000 worldwide, including 4,000 in Mortsel.
Eurofound (2006), Agfa-Gevaert, Internal restructuring in Belgium, factsheet number 63950, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63950.