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 US-owned Flexsys Rubber Chemicals, has announced the closure of their chemical factory at Cefn Mawr, Wrexham with a loss of 163 jobs. The closure of the site will take place over the next three years, but the companies operations will cease by the end of 2008.
The company has made chemicals for the rubber industry on the site since 1995, but the site itself has been used for that purpose since 1930's. The company blamed increasing competition from the Far East for the closure, stating that the decision had been made in order to secure wider business interests. The company announced that it would do everything it could to assist its employees. The Union greeted the announcement with shock saying that it had negotiated downscaling and that workers had assumed that their jobs were safe.
Eurofound (2008), Flexsys Rubber Chemicals, Closure in United Kingdom, factsheet number 66660, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66660.