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.
Crane Ltd, a firm that operates in the engineering sector, has announced that it is to close its plant in Ipswich with the loss of approximately 200 jobs. The firm's Ipswich site produces valves and fluid systems, and the job are due to be lost by the end of 2008. The manufacturing of malleable iron fittings will cease completely, but the manufacture of other products will be relocated to another of the firm's sites in Hitchin in Hertfordshire by the end of 2008. However, as of December 2008 there is no information on the exact number of jobs that will be relocated to the plant in Hitchin. Peter G Wilson, the Managing Director of the firm, has stated that the company will begin a 90-day consultation process with local trade unions that is statutory under UK labour law at the start of 2008. Ian Marshall, regional officer for the UK trade union Unite, stated:
'It's devastating for our members and highly disappointing to us. There is nothing comparable now in the locality and it will be difficult for them to find similar jobs in and around Ipswich.'
Chris Mole, the UK Member of Parliament (MP) for Ipswich, stated:
'This is the sort of work of which there is decreasing quantities in and around Ipswich. We need to ensure these people get access to retraining and skills that will enable them to get back into the labour market as soon as possible.'
Eurofound (2007), Crane Ltd, Closure in United Kingdom, factsheet number 66135, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66135.