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.
Aluminium manufacturer Farsund Aluminium Casting will cut 50 positions out of a total work force of 360 in order to reduce costs. The restructuring will be carried out over the next few months. Job reduction measures will include contracts ending and not being renewed, natural wastage and direct dismissals. CEO Jon Ola Ystgaard downplays the gravity of the situation, and underlines that the restructuring is carried out to streamline the production and reduce costs, after a period with high investment and high need for labor at the factory. The factory, which mainly produces die cast aluminium car parts, went bankrupt in 2009. New owners took over, and announced an expansion amounting to 200 new jobs in 2012. The factory has struggled with deficits lately, despite increased revenue.
Eurofound (2015), Farsund Aluminium Casting, Internal restructuring in Norway, factsheet number 83678, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83678.