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.
On the 15th October, the Dutch company Philips, well known for the manufacture of domestic appliances has announced the cut of 160 jobs on its Belgium site of Turnhout where 2400 people are employed in the manufacture of lighting equipment. The people concerned are employed with fixed-term contracts that will be not extended. Philips is concerned with the global financial crisis and the decrease of the demand for its products. The objective is to save around 230 millions for this trimester.
Eurofound (2008), Philips, Internal restructuring in Belgium, factsheet number 67285, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67285.