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 Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20 - Manufacture of chemicals and chemical products
150 - 160 jobs Number of planned job losses
Announcement Date
23 September 2010
Employment effect (start)
23 September 2010
Foreseen end date
31 December 2012
Description
On 23 September 2010, Solvay, the international industrial group active in chemical production, announced that they will cut between 150 and 160 jobs in Belgium by the end of 2012. A total of 800 jobs will be lost worldwide and 600 across the EU, including France (90 jobs), Germany (80-90 jobs), Spain (40-50 jobs), Italy (110-120 jobs) and Portugal (80 jobs).
The implementation of the restructuring plan ("horizon" project) will allow the group to save € 120 million every year, till the end of 2012. On 15 February, the Solvay group sold its entire pharmaceutical business to Abbott. Further mergers and acquisitions are not ruled out.
Sources
23 September 2010: Le Soir
Citation
Eurofound (2010), Solvay, Internal restructuring in Belgium, factsheet number 70964, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70964.
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