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 German multinational Leoni, producer of cable systems for cars, announced the closure of the factory in Viana do Castelo due to a decline in orders. This closure already involved the dismissal of 301 workers and the remaining 81 employees will leave by the end of this year.
Concerning collective dismissals, the company offers two wages by year of service (2monthly wageyear of service). The average job tenure in this factory is of 13 years, which means that most employees will receive 26 wages.
The company spokesperson informed that the multinational has hired an outplacement company to assist workers in finding new jobs. The company also offered some retraining to dimsissed workers.
Leoni has been operating in Portugal since 1991 with a workforce of 2,600 workers.
As reported, Portugal has applied for assistance from the European Globalisation Adjustment Fund (EGF).
Eurofound (2010), Leoni, Closure in Portugal, factsheet number 70800, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70800.