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.
US pharmaceutical group Bristol-Myers Squibb (BMS) has decided to close its European headquarters located in Rueil-Malmaison (France). As reported, 220 jobs are to be affected including 120 employees with employment contracts under the French labour law. As announced, the activities of the French site will be relocated to other BMS sites in Europe, possibly in France, London and/or Brussels. In addition, the sources refer to 60 job cuts that will affect the French BMS subsidiary as a part of a global restructuring plan.
In total 180 employees with French labour law contracts will lose their job. As mentioned, the group has already launched several social plans in France during the last 8 years. According to the sources, with a significant loss of patents and parts of its business such medical imaging products, the job reduction measure is aiming at boosting the firm’s competitiveness. BMS has initiated a global restructuring plan announced in 2007.
Eurofound (2014), BMS, Closure in France, factsheet number 77340, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77340.