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.
Medical devices manufacturing company Covidien has announced 199 redundancies at its plant in County Offaly in the Irish Midland region. The job losses are comprised of 160 permanent full-time staff and 39 temporary employees. The redundancies are to commence from this September 2010. Staff affected have been offered six weeks pay for each year of service plus their statutory entitlements.
The company says the job losses are required to ensure the long-term viability of the plant. Staff were informed that declining sales and increased competition from low-cost producers are the major reasons for the redundancies, all of which will be 'voluntary'. Covidien said it exhausted all other considerations before announcing the job cuts.
Eurofound (2010), Covidien, Internal restructuring in Ireland, factsheet number 70588, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70588.