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.
The Promatech, a mechanotextile firm belonging to the Radici group - a multinational that operates in various sectors - has announced that it is to cut 100 jobs in its main plant located in Colzate, in the province of Bergamo. The job losses were set out in a provisional re-organisation plan announced by the firm at the beginning of December 2007, and are to be implemented by the end of February 2008. The provisional plan provides the loss of 100 jobs (on a total workforce of around 420 workers) in the company’s plant located at Colzate, and the redeployment of around 50 employees in other plants of the Radici group.
The company has taken this decision in order to reduce its operative costs to cope with the increasing global competition. The trade unions reacted to the company’s reorganisation plan by going on strike and organising mass meetings at the production unit. In February, the trade unions will meet the company’s representatives in order to discuss the final version of the reorganisation plan that the company will present at the end of January.
The Promatech is the world leader in power loom production. It has three plants with a total workforce of around 800 employees. It belongs to the Radici group, a multinational operating all around the globe. Its business is oriented in various sectors: textiles, the mechanotextile industry, the automotive industry, outsourcing and energy.
Eurofound (2007), Promatech, Internal restructuring in Italy, factsheet number 66192, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66192.
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