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.
Stoneridge-Pollak, a firm that manufactures electrical switches for motor vehicles, is to close its Mitcheldean site in Forest of Dean with the loss of 200 jobs. The work carried out at the site will be transferred to operations in China and Estonia. Management at the firm have stated that the reason for the closure was that the costs at the site were too high to be globally competitive. The Mitcheldean site is due to close by the end of 2008, and the U.S. based firm is also to close its plant in Florida. In a statement, the company said: ‘During July/August 2006 the company was informed by General Motors that a major part of its business was being awarded to a competitor in China with a proposed start date of June 2008. The management of the company have been working hard to try and reverse that decision and keep this business but have now been informed by General Motors that this is not going to happen. The continual pressures within the automotive industry and aggressive customer cost downs have resulted in a proposal to exit manufacturing on the UK site, with the business being absorbed into other Stoneridge facilities in Estonia and China.’ President and chief executive John Corey stated: ‘While these actions are not a reflection of our employees' performance at these locations, neither plant has a reasonable cost profile to sustain manufacturing operations.’ Mr Corey also said the move was a step towards reducing the company's overheads to ‘effectively compete in the global marketplace’.
Eurofound (2007), Stoneridge Pollak, Offshoring/Delocalisation in United Kingdom, factsheet number 66017, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66017.
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