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.
Chemicals company Allessa is to cut 200 out of 890 workplaces in Frankfurt, Griesheim and Hoechst until the end of 2013.
This is part of a restructuring plan that also comprises the merging and centralisation of IT and accounting services, and that is to save a total of EUR 20 million until 2017.
According to an agreement with worker representatives, a social plan secures the employment of dismissed workers in a transfer agency, to start its operations 1 February 2014. Workers can remain in the transfer agency up to one year, receiving 80pc of their previous net salary.
The company is based in Frankfurt-Fechenheim. It was acquired by International Chemical Investors Group in September 2013.
Eurofound (2013), Allessa Chemie, Internal restructuring in Germany, factsheet number 76401, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76401.