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.
Franco Tosi Meccanica, a metalworking company based in Legnano (Milan), is to dismiss 176 workers.
The company has been under extraordinary administration since 2013. In 2015, the metalworking medium enterprise Bruno Presezzi has formally shown its interest in acquiring the site.
In May 2014, the potential buyer, trade unions and the Commissioner reached an agreement concerning the acquisition and guarantees for the 346 workers employed at Franco Tosi Meccanica. According to this agreement, 170 workers will be immediately hired by Bruno Presezzi. Wages Guarantee Funds and mobility allowances will be required for the other 176 ones. However, the company should hire 40 of them over the next two years and internally or externally relocate about 60 workers by the end of 2017. Eventually, 70 redundant employees should go on early retirement or be offered incentives to voluntary dismissals.
The agreement was signed by all the unions active in the plant and it was accepted by workers by a referendum on 20 May 2015. Interestingly, a first text of the agreement, signed by all the unions but Federation of White and Blue-Collar Metalworkers (Federazione Impiegati Operai Metallurgici, FIOM), was refused by a referendum held in April 2015. The new provisions, signed by all the bargaining unions, entail some additional commitment by the acquirer, mainly concerning protection toward dismissals and measures addressing workers entering early retirement schemes or being relocated.
Eurofound (2015), Franco Tosi Meccanica, Bankruptcy in Italy, factsheet number 79445, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79445.