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.
One of the more established industries to announce job losses has been Element Six (formerly De Beers Industrial Diamonds) in Shannon. A total of 150 job losses are expected before Christmas. The company supplies industrial diamonds to those in the construction, automotive, engineering and oil/gas industries – all of which have been hit in the current global downturn.
The 150 job cuts represent a quarter of the workforce. It is understood that in negotiations on severance with union representatives, the company has initially offered the same severance terms that were applied to 75 redundancies two years ago. This provided for six weeks’ pay per year of service, plus statutory, with a cap of 2.5 years’ earnings on the six weeks element.
Eurofound (2008), Element Six, Internal restructuring in Ireland, factsheet number 67620, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67620.