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.
Saudi Basic Industries (SABIC), a Saudi Arabian company in the petrochemical sector, is to cut 1,050 jobs in its European operations. The job redundancies are attributed to low market demand. Around 700 job cuts will affect employees and the remainder concern agency contracted staff. The company has already initiated consultations with the trade unions and the work councils.
To date, there is no specific information on which European countries will be affected by the restructuring and the timeline (information is available for the UK and the Netherlands). For previously announced restructurings see SABIC-UK2008, SABIC-FR2007 and SABIC-DE2005.
Eurofound (2013), Saudi Basic Industries, Internal restructuring in European Union, factsheet number 75271, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75271.