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.
On August 31, 2010, Standart Cooper Automotive (CSA), a manufacturer of rubber joints for automobiles, announced the closure of its plant in Bolbec (316 employees) in 2011 as part of a merger with the Société des Polymères Barre Thomas (SBTP). The decision to close the plant is attributed to overcapacity in the industry. Management intends to propose redeployment for some employees within the company, but there will also be some compulsory redundancies. In addition, 50 other jobs will be cut by the end of 2011 in Rennes in SBTP, and in Vitré (Ille-et-Vilaine) where Cooper-Standard has a factory (600 employees) and its sites in Lillebonne (Seine-Maritime) and Argenteuil (Val-d'Oise).
Before merging with CSA, the SBTP (which employs 1,100 workers in Rennes, Ille-et-Vilaine and 800 in Poland) will be repurchased by the Fund for Modernization of Equipment Suppliers (Fonds de modernisation des équipementiers automobiles - FMEA) established by the government and the two French car manufacturers Renault and PSA Peugeot-Citroën.
Eurofound (2010), Cooper-Standart automotive (CSA), Merger/Acquisition in France, factsheet number 70882, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70882.