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.
Sabic, a Saudi Arabian based company that operates in the chemical sector, has announced that it is to cut 200 jobs. The company makes a range of chemicals, fertilisers and plastics at its sites in the North East. The company is to close two of its sites on Teeside at Seal Sands and Wilton, although a third site at North Tees will remain open. The company stated that the two sites were economically unviable, and that they would be closed by the end of 2008.
A company spokesman said: ‘We recognise the impact of our actions on the European market for our products. We will be working with our customers and suppliers over the coming weeks and in order to allow these discussions to start, we make this announcement at this early stage.’
Stockton North MP Frank Cook has described the move as ‘regrettable, but understandable’, adding that ‘The immediate impact on the affected workers and their families is worrying. I will want to ensure that everything possible is done to help them to be either redeployed within the company or find alternative employment at the earliest date possible.’
Sabic employs 19,000 people worldwide and 2,300 across Europe. In addition to its plants in the UK it also has large manufacturing sites at Geleen in the Netherlands and Gelsenkirchen in Germany.
Eurofound (2008), Sabic, Closure in United Kingdom, factsheet number 66869, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66869.