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.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.92 - Manufacture of machinery for mining, quarrying and construction
263 jobs Number of planned job losses
Announcement Date
1 November 2014
Employment effect (start)
17 December 2014
Foreseen end date
Description
Upet, Romanian oilfield equipment manufacturer, announced the dismissal of 263 employees as of 17 December 2014. The company, located in Targoviste (Dambovita County), is owned by the Russian Industrial Group Generation, through Obsesione Enterprises and Ogetto firms.
The decision of dismiss 40% of the staff has been notified to unions and labour Inspectorate. Termination of individual employment contracts will take place after the expiry of 20 working days' notice.
Currently, the company has 619 employees.
Sources
3 November 2014: Bursa
2 November 2014: Adevarul
1 November 2014: Wall-Street
Citation
Eurofound (2014), Upet, Internal restructuring in Romania, factsheet number 77801, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77801.
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