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.
OCV, manufacturer of glass fiber materials for insulation, closes its plant located at Vado Ligure (in the province of Savona) at the end of June 2012 affecting all its 127 employees.
On 23 April 2012, after some negotiations, the company, trade unions, national and local authorities signed an agreement that envisages the recourse to the extraordinary Wage Guarantee Fund (WGF) for two years. During the WGF period, the local authorities will supply outplacement services for the redundant workers. Moreover, local authorities and trade unions will find alternative solutions in order to start a reindustrialisation plan of the area. OCV belongs to the Owens Corning group, world leader in manufacturing glass fiber materials.
Eurofound (2012), OCV, Bankruptcy in Italy, factsheet number 73443, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73443.