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.
Amurco, a Romanian integrated chemical company, cut 300 jobs in Bacau on June 1 2014. According to the sources, the announcement was made after the plant had been closed for two and a half months. The sources note that the closure is a result of the 2013 increase in methane gas prices, which is 80% of the plant’s expense. Additionally, there was a decrease in demand for fertilizers in the market. The sources report that under the collective agreement, each employee is entitled to a severance pay equivalent to three months wages.
According to the sources, in July 2013 430 employees were laid off at the company. The ERM previously announced job cuts at the company in 2009.
Eurofound (2014), Amurco, Bankruptcy in Romania, factsheet number 77259, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77259.