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 October 2012, Hyosung Wire announced the closure of its plant on the 1st of April 2013, making up to 200 employees redundant. Of the 200 employees, 14 will stay at the site for storage and sales activities. 23 are reported to go on to early retirement.
In 2011, the Korean group Hyosung took over the plant, which is specialized in the production of metal cable for tires, from Goodyear.
Eurofound (2012), Hyosung Wire, Closure in Luxembourg, factsheet number 74272, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74272.