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 Glanzstoff Group, which belongs to CAG Holding and is one of the world’s leading manufacturers of viscose yarn, is to cease production at its St.Pölten factory by the end of 2008 due to technically and economically unfeasible regulatory requirements. This was announced by the Glanzstoff directors Helmut Stalf and Dieter Kirchknopf at a press conference held in St. Pölten on 18 July 2008. After a fire in the exhaust fan in January 2008 the plant has been permitted to produce only at approximately 40% of capacity for emissions reasons. As a result continued operation of this factory would endanger the economic stability of the entire Glanzstoff Group, the directors contend. They explained that further reduced emission targets set by the authorities for the end of 2009 cannot be achieved for both technological and economical reasons. On 18 July 2008 management sent written notice of the planned dismissal of all the company’s 327 employees to the Labour Market Service (AMS). However, it is planned that the site will be retained as a holding location for the Glanzstoff Group, such that around 10 or 15 employees could further be employed there.
Eurofound (2008), Glanzstoff Group, Closure in Austria, factsheet number 66932, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66932.