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.
Chemical manufacturer Prayon, specialised in phosphorous production, announced the loss of 81 jobs in Engis, Belgium. According to the management, the decision comes from the necessity to obtain a better profitability by reducing costs in a very competitive market. The company also announced that there will be no collective dismissals. The job cuts will be implemented through early retirement and voluntary departures.
This restructuring is expected to be implemented over the next two years and will go together with a new industrial plan. There is so far no reaction from unions but the 'Renault procedure' will be launched very soon.
Eurofound (2013), Prayon, Internal restructuring in Belgium, factsheet number 76189, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76189.