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.
Mondi Packaging is to cut 560 jobs at its paper factory in Stamboliiski as of 1 June. The company, which is the biggest in the district and provides significant revenues to the local budget stopped temporarily already on 4 December, due to the collapse of its markets. Ninety percent of the clients are foreign (Europe, North Africa, Asia and India) and the cement plants purchasing the paper bags of the factory have suffered the most from the world crisis. According to information from the chairman of the Municipal Council in Stamboliiski, Nikola Mihailov, 230 workers have been already dismissed. An application for 230 workers more to be made redundant has been filed to the Labour Office. The Bulgarian managers refuse to comment, arguing that they are not authorised to do so and refer all inquiries to the multinational corporation in Vienna.
For more information, see the EIRO report.
Eurofound (2009), Mondi Packaging, Closure in Bulgaria, factsheet number 68962, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68962.
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