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.
Radici Tessuti, a firm that manufactures synthetic textiles and that is part of the Radici Group, is to close its plant is Lallio with the loss of 117 jobs. The decision to close Radici Tessuti came as a result of the announcement of a reorganization plan by the Radici Group at the beginning of July 2007. Subsequently, on July 30th 2007, Radici Tessuti and trade unions at the plant reached an agreement that workers employed at the site would have access to the Wage Guarantee Fund scheme. This scheme acts as a ‘social shock absorber’, and intervenes in the case of companies restructuring or reorganizing in a manner that has a marked effect on local employment. The scheme agreed upon will last for one year, and will also provide economic incentives for voluntary redundancy or retirement for those eligible.
Radici Group is one of the foremost Italian chemicals companies at a global level. It specialises in chemicals, plastics, synthetic fibres and textile machinery, and has sites in 15 counties worldwide and around 7,390 employees. In Italy, the group has nine plants in addition to its Bergamo based headquarters.
Eurofound (2007), Radici Tessuti, Closure in Italy, factsheet number 65675, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65675.
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