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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Other Transport Equipment 30 - Manufacture of other transport equipment
128 jobs Number of planned job losses
220 jobs Number of planned job creations
Announcement Date
24 March 2007
Employment effect (start)
2 July 2007
Foreseen end date
Description
The Spanish public company of shipyards IZAR has been selling all of its plants to private companies because of their financial deficit and low profitability. The factory in Valencia was going to be acquired by the private group Ros Casares, who would have purchased the buildings and employed the 128 people currently working there. However, according to the media, the Spanish central administration is planning to close the plant because it will be the most profitable option in economic terms, disregarding the social and employment effects this might have in the area. Negotiations for a new Employment Reduction Programme (ERE in Spanish) will start as soon as possible. The conditions would be the same as those for the previous ERE in 2004: incentive-based and early retirements.
Sources
24 March 2007: Cinco Días
30 June 2007: Cinco Días
Citation
Eurofound (2007), Ros Casares, Merger/Acquisition in Spain, factsheet number 65310, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65310.
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