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.
Arsenal Kazanlak, one of the largest military weapon and ammunition factories in the Balkans, has announced redundancies of around 900 employees. According to media reports, of those made redundant 600 are workers on temporary contracts and another 94 have reached the retirement age. The implementation of the cuts will start in mid-February.
The restructuring is due to a sharp reduction in orders and a decline in production volumes following the reduced defence procurement budgets during the post-2008 financial crisis and the uncertainty over arms' export contracts.
Arsenal (Арсенал АД)) is a Bulgarian joint-stock company based in Kazanlak, engaged primarily in the manufacture of firearms and military equipment. Arsenal employs 6,600 people.
Eurofound (2012), Arsenal, Internal restructuring in Bulgaria, factsheet number 73049, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73049.