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.
Lowestoft based engineering company AKD Engineering has announced that it is to close with the loss of 113 jobs. The company which provides services to the oil and gas industry has confirmed that the closure is due to happen by June 2015. The company had undergone a restructuring in 2014, but with the continued low price of oil, it announced that it was unable to continue as oil and gas companies made cost savings and cut down on investment. The company had thought it would be able to continue if the oil price was 80 USD per barrel, but in March it fell below 50 USD.
Eurofound (2015), AKD Engineering, Closure in United Kingdom, factsheet number 79363, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79363.