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.
Thrane & Thrane Norge, formerly Nera SatCom, a global supplier of products and solutions for mobile satellite communications, announced 9 January 2008 that it is to cut 130 jobs with the closure of its plant in Billingstad. The operations will be terminated before 30 April 2009, but nothing was said about the time schedule, or when the downsizing will start.
Thrane & Thrane Norge has been a wholly owned subsidiary of the Denmark-based group Thrane & Thrane since the autumn 2006. The company has been through three reorganisations resulting in a certain downsizing since the take-over. In spite of good economic results - a turnover of 400 million NOK in 2006 and a surplus margin of 15% the last quarter of 2007 - the Danish group decided to close the Norwegian subsidiary.
According to the Danish managing director, the Norwegian company runs well, but the profitability is not good enough. In a press release the company states that “merging” the Danish and Norwegian operations will result in savings of 90 million Danish kroner a year.
The procedure must also be negotiated with the union. The union leader says to the press that a closure was unexpected, among others because the company recently moved into new and renovated offices and announced for new employees in June 2007. In spite of the closure, the union leader is not afraid of the future for the employees because the labour market is very favourable. 90 of the 130 employees are engineers.
Eurofound (2008), Thrane & Thrane Norge, Closure in Norway, factsheet number 66201, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66201.
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