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.
Diana Forest, one of the leading players in the wood processing sector in Romania, decided to close one of the factories, located in Onesti, County Bacau, "following the decline in the RON/EUR exchange rate and the increase in the price of raw material". According to the statements of the company representatives "Fil Onesti recorded losses worth EUR 3 million, caused mainly by the very high costs of the raw material (logs) and by the low profit derived from the log processing business. The decline in the exchange rate RON/EUR also contributed to the company losses, given that 90% of the production is exported".
Diana Forest also owns the plants in Margineni (Bacau County) and one in Comanesti. Fil Onesti mainly produced timber. The plant employs about 120 people who can either opt for a position within Margineni based plant, or can benefit from law provisions regarding collective redundancies.
Eurofound (2007), Diana Forest, Closure in Romania, factsheet number 64974, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64974.