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.
Fundo Wheels in Hoyanger, which produces aluminium rims for the car industry, announced its immediate closure on February 11th with the loss of 350 jobs.
The company had a surplus for the first time in the first half of 2008, but in the autumn the financial crisis and drop in car sales hit the company hard. On 12th December production was stopped and many employees were temporarily laid off. The company has been unable to continue production. On 12th January, the Board presented a petition for compulsory winding-up. During the period afterwards the company has tried to find new investors for the company to survive, but eventually had to give up as the main customers Volvo and Audi were unable or unwilling to contribute to a solution.
Eurofound (2009), Fundo Wheels, Closure in Norway, factsheet number 68142, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68142.