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.
Norwegian oil company Statoil is currently restructuring, and has announced that an additional 1100-1400 positions will be cut by 2016. The restructuring plans were first announced at the start of 2014 (see fact sheet 26355) and the company has already cut 1200 positions in IT, finance and facility management this year - 300 more than the originally foreseen maximum number of job reductions. The additional 1100-1400 job cuts will be accomplished by contracts ending, internal relocations, early pensions and severance packages, avoiding direct dismissals as far as possible. The background for the restructuring is that Statoil's return on capital has shrunk while costs have gone up.
Union representatives are displeased with the recent announcement of additional cuts, asking where the process will end and expressing that the load of bad management decisions is being placed on the employees.
Eurofound (2014), Statoil, Internal restructuring in Norway, factsheet number 77382, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77382.