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.
Pharmaceuticals company Wyeth Medica Ireland, Kildare, has announced up to 250 redundancies among permanent and temporary staff. The company attributed the job losses to a "continuing decline" in product volumes and a need to "implement greater cost efficiencies". "These additional headcount reductions are necessary in order to successfully protect and develop WMI's existing role as one of Wyeth's key strategic pipeline facilities," the company said in a statement. "WMI informed its employees that it is committed to providing a competitive redundancy package for its affected permanent employees," the company added. SIPTU, the union representing workers at the pharmaceutical plant, said it will "strenuously resist" any compulsory redundancies. The union also expressed concern at the scale of the threatened cuts at what, it added, is a highly profitable plant.
Eurofound (2008), Wyeth Medica, Internal restructuring in Ireland, factsheet number 67255, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67255.