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.
Dow AgroSciences Co., a multi-national group that operates in the chemical sector, has announced that it is to close four sites in Brazil, France and the U.S. with the loss of 1000 jobs. 170 job losses have been announced in Lauterbourg in France, and 550 have been announced in West Virginia in the U.S. The group’s sites in Camacari in Brazil and Louisiana in the U.S. are also to be closed. The job losses will be implemented between January 2009 and December 2009, and scientific experts employed by the group will be affected. Management at the group attribute the closures to the level of competition within the sector and the subsequent need to increase the efficiency of the group’s operations. The group’s Chairman and Chief Executive said in a statement:
‘The announcement reflects our commitment to prune businesses that are not delivering appropriate value and tackle tasks more efficiently across the entire organization.’
The group expects that the job losses will cost it 500 to 600 million USD in severance packages and related costs in the fourth quarter of 2007. The group also expects that the job losses will save it 180 million USD a year once implemented. The Dow AgroSciences Co. is a diversified chemical company that offers a range of chemical, plastic and agricultural products and services. It operates 150 sites in 37 countries and employs 42,500 internationally.
Eurofound (2007), Dow AgroSciences Co., Closure in World, factsheet number 66085, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66085.
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