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.
Manufacturing Manufacture Of Tobacco Products Manufacture Of Tobacco Products 12 - Manufacture of tobacco products
120 jobs Number of planned job losses
Announcement Date
27 April 2010
Employment effect (start)
Foreseen end date
Description
Tobacco processing company Cetarse plans to dismiss 120 workers across several locations in Extramadura, Spain. The plan is proving controversial in the region as a state investment group owns about 80% of the company but it is not willing to bail it out for its losses. The gradual phasing out of European Union subsidies for tobacco firms has been blamed for the measures along with the increased cost of purchasing raw tobacco, but some commentators have questioned the extent of the company's financial difficulties.
Eurofound (2010), Compañía Española de Tabaco en Rama (Cetarsa), Internal restructuring in Spain, factsheet number 70562, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70562.
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