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.
Thames Water, the company that supplies London residents and businesses with water, plans to cut a quarter of its workforce in a move that could see 300 posts axed every year up to 2010. The cuts come as the owner of Thames Water, the German utility giant RWE, prepares to sell the company.
The chief executive of Thames Water, Jeremy Pelczer, said in an email to staff: 'Any business has to be more efficient than its competitors in order to secure a long-term future. ... As we seek to drive the efficiencies needed to meet our goals, some of them will come through smarter procurement but some will come from different ways of working which will involve job cuts. This may lead to a head count reduction of up to 25% by early 2010. To put that in context, it would mean an average of around 300 people per year.'
Thames said compulsory redundancies would be kept to a minimum and voluntary cutbacks would be considered. The GMB union said it would be seeking reassurances from the company on several issues. The GMB official Kelly Rogers said: 'We will seek to ensure that no frontline jobs are cut and that investment continues to improve the service to customers. We will also seek an assurance that there will be no compulsory redundancies.'
Eurofound (2006), Thames Water, Internal restructuring in United Kingdom, factsheet number 63997, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63997.
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