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.
Bulgarian tyre manufacturer Vidachim announced that it is to dismiss between 164 and 314 employees out of a total of 446. This follows a meeting with Bulgarian energy minister Temenuzhka Petkova. The job reduction will start to be implemented at the end of April 2015. The job cuts will affect the vehicles tyre production site, the repair mechanical plant and the thermal power plant.
Vidachim also produces power that it sells to Bulgarian state energy firm NEK. According to the company, as of 1 July 2015, the NEK has stopped buying electricity at preferential prices from Vidachim. This is one of the reasons behind the decision to cut the jobs.
According to the Ministry of Energy, in December 2013 the company revenues amounted to BGN 54 m (27 m EUR), of which BGN 52 m (26 m EUR) coming from the sale of electricity.
Eurofound (2015), Vidachim, Closure in Bulgaria, factsheet number 79344, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79344.