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.
French glass producer Verreries de Masnières has been taken over by the Austrian group Stoelzle. The situation is rare as Stoelzle had been the owner of Verreries de Masnières since 2013 when it bought the company from the Italian group Bormioli Rocco. Stoelzle turned out to be the only takeover candidate for Verreries de Masnières.
The agreement between the company and the union was signed in March 2015 with the mediation of Ministry of Labour. The agreement has been reached after the decision of the commercial court of Douai which approved the takeover of the company by the Austrian group Stoelzle. The company was placed in receivership in mid-October 2014 with an observation period of six months. Stoelzle presented a takeover plan to the court that had been refused by the main union (CGT). After a long industrial dispute and mediation from local authorities and public bodies, the management and the CGT finally agreed on a social plan that leads to 119 dismissals. The Austrian group will finance a social plan of about 3,7 million euro and allow a 13th months (partially linked to the company results) to the employees staying within the company.
Eurofound (2015), Verreries de Manières , Merger/Acquisition in France, factsheet number 83480, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83480.
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