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.
Elettro Radio Costruzioni (Erc), one of the European leaders in the ballasts production for lamps, is to close its plant at Calolziocorte, in the province of Lecco, with the loss of 280 jobs. The plant produces ballasts for the illumination sector for fluorescent lamps. According to the company, the closure is mainly due to the economic crisis of the sector and the increasing market competition by manufacturers located in Asian countries.
The trade unions reacted to the company’s decision by going on strike and organising mass meetings at the production unit.
On 28 July 2008, Erc and the main sectoral trade unions reached an agreement that envisages the recourse to the ‘extraordinary’ Wages Guarantee Fund - a ‘social shock absorber’ that intervenes in cases of restructuring, reorganisation, closure, change of activity or economic difficulties - for all the workers involved in the closure. The Wages Guarantee Fund scheme will last one year.
Elettro Radio Costruzioni (Erc) is one of the main European manufacturers of small transformers and electrical windings. Erc product range is composed of three divisions: lighting components; supply components for industrial automation; energy. It has two industrial sites in Italy and one in Argentina.
Eurofound (2008), Erc, Closure in Italy, factsheet number 67022, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67022.
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