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.
Volvo Powertrain, manufacturer of crankshaft for motor vehicles, will close its plant in Leganes (Madrid), making up to 145 staff redundant. To date, it is unclear whether the remaining 28 workers will be dismissed too.
The measure is due to the company’s decision to assemble the entire crankshaft production in Sweden. The company has offered the workers committee to transfer some of the workers to Sweden and France.
During the negotiations, the company offered to compensate dismissed workers equal to 43 days per year worked up to a maximum of 38 months, and early retirement plans for workers older than 55 years. However, the workers committee has rejected this offer.
Eurofound (2013), Volvo Powertrain, Closure in Spain, factsheet number 76306, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76306.