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.
Vitelcom, the Spanish manufacturer of mobile phones for the international corporation Telefonica, is about to close its factory in Malaga. The main reason given by the company’s spokesperson is the cut in orders from Telefonica, which pushed Vitelcom to negotiate a deal with the US telecommunications corporation Sentex in February 2007 to prevent from closing down because of its large debts. Sentex was interested in buying Vitelcom, but no agreement was reached. Telefonica has recently signed a contract with the Chinese company TZE, which represents the offshoring of the production of their mobile phones. The factory in Malaga is being closed and all of its employees are to be dismissed if no action is taken by the government of the region. Furthermore, Vitelcom’s CEO is trying to negotiate with Telefonica new workloads that could help the Malaga plant to remain open.
Eurofound (2007), Vitelcom, Offshoring/Delocalisation in Spain, factsheet number 65087, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65087.
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