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 Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Rubber And Plastic Products 22.21 - Manufacture of plastic plates, sheets, tubes and profiles
150 jobs Number of planned job losses
Announcement Date
8 February 2012
Employment effect (start)
8 February 2012
Foreseen end date
30 June 2012
Description
Netherlands-based plastic tubing manufacturer Wavin announced its plans to cut 80 jobs in the UK and 70 in continental Europe. The cuts are planned for the first half of 2012. The countries affected are the UK, France, Italy and the Netherlands.
It is reported that the cuts are required because of a stagnating European construction market and pressures on margins. The job cuts will save around 5 million Euros per year. The restructuring charge will be 3 million Euros.
The press has reported Wavin's restructuring activities in the context of the potential acquisition of Wavin by Mexichem, a Mexican chemicals company. However, Wavin has emphasized that the acquisition does not affect employee numbers and the takeover should be treated as a separate event.
Sources
8 February 2012: Reuters
8 February 2012: Wavin Investor Relations website
8 February 2012: The Financial Times
Citation
Eurofound (2012), Wavin, Internal restructuring in European Union, factsheet number 73244, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73244.
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