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.
The Spanish branch of the BP Solar transnational has decided to initiate the Redundancy Procedure at their Tres Cantos and San Sebastian de los Reyes plant, resulting in the dismissals of 480 workers.
Signing of the Redundancy Procedure with the Works Council took place on 14 July. Workers will no longer be paid by the company once they receive the salary corresponding to the month of July in August. Meanwhile technical personnel is dismantling the facilities in order to take production to Asia, where labour costs are much lower, thus suitable alternative employment will only be found for 20% of the total Madrid staff. Remaining staff will be dismissed, collecting minimum compensation standing at 10,000 Euro and with pre-retirement as of the age of 54.
Eurofound (2009), BP Solar, Offshoring/Delocalisation in Spain, factsheet number 69316, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69316.