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.
Tyco Electronics, a provider of electronic components and systems for a wide range of industries, including automotive, appliance, aerospace computers and consumer electronics, has announced its plans to consolidate its automotive production in Europe with the consequent loss of 850 jobs in 2009. The plans are contingent upon approval of the local works councils and the European Works Council. The restructuring will result in the closure of three plants and the reorganization of operations at several units in Spain and France. According to the chief executive officer, these measures are part of a broad strategy announced last year to streamline the company’s operations and improve its productivity. The restructuring is expected to be implemented within 15 months.
Eurofound (2008), Tyco Electronics, Closure in European Union, factsheet number 67049, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67049.