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.
GrowHow UK, a firm that manufactures fertilisers and chemicals, is to close its Severnside plant with the loss of 127 jobs. Management at the firm stated that the plant could not be run cost effectively, and that production at the site would end in 2008. The closure is expected to cost approximately 13 million GBP, and this figure will include redundancy and pension payments. As of October 2007, the firm is consulting employees and trade unions on the closure. Chief Executive Officer Paul Thompson stated:
‘It is regrettable that closure is necessary, as we employ many skilled and dedicated people at the facility. However, the facility is too small to compete effectively without immediate significant investment.’
Eurofound (2007), GrowHow UK, Closure in United Kingdom, factsheet number 65911, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65911.