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 22 February 2011, Secop, a producer of compressors for refrigerators and freezers, announced a restructuring plan resulting in the loss of 300 to 500 jobs. The company was recently bought by German Aurelius from Danish Danfoss (the previous name of Secop was Danfoss Compressors). The company currently employs 1,000 people. The job cuts are attributed to the need to discontinue the production of some products and reduce product diversification. This restructuring plan is a heavy blow for the local economy, which is among the least developed in Slovenia.
UPDATE on 12 April 2011: According to recent media reports, the company announced a greater number of job cuts i.e. 650 and the relocation of production activities to Slovakia. Reportedly Secop currently employs 935 employees. The restructuring will be implemented in stages. Some 221 employees will be laid off by the end of June 2011 while another 76 will be let go by the end of this year. The job losses will be completed by the end of 2012. The company will lay off another 155 people by the end of March 2012, 148 by the end of June and the remainder of job losses will occur by end of the year.
The remaining 285 employees are also at risk of losing their job. The owners say they intend to find a strategic investor for the remaining part of production. If they will not be successful in finding a solution, the production may be discontinued altogether.
UPDATE on 28-06-2011: According to latest news the company reduced the announced number of job cuts to 525. Reportedly, Secop has 953 employees; of these, 525 will lose jobs, the first 130 will be laid off in August 2011, 150 in December 2011, 180 in March 2012 and 65 in June 2012.
UPDATE on 29-07-2011: According to the latest news the redundancies have been revised downwards to 440. The owner decided to keep the production of shafts for engines in Črnomelj. Of the 440 employees who will lose jobs, 51 will be laid off by the end September 2011, 164 in December 2011, 168 in March 2012 and 57 in June 2012.
Eurofound (2011), Secop, Offshoring/Delocalisation in Slovenia, factsheet number 71713, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71713.
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