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.
Photovoltech, a company specializing in the production of photovoltaic panels, announced plans to close its plant and cut the 267 jobs. According to the management, the decision to close the firm comes from the overcapacity of production, the 'war of prices' and the global competition, including Asian low cost products.
The 'Renault' procedure will be employed to define whether the company would close and if not - how many workers would be made redundant. The decisions are to be made by the end of 2012.
The management and the shareholders also declared that if jobs are lost, they will do everything to help the affected workers to find another placement. In the first place - within the shareholders' groups (GDF Suez and Total).
Eurofound (2012), Photovoltech, Closure in Belgium, factsheet number 73779, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73779.