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.
Steel company Caparo has announced that it is to cut 452 jobs across various sites in the UK. The move comes after a series of bad news stories for the UK steel industry with the sector being hit hard by competition from cheaper overseas produced products. The company had entered administration earlier in October and therefore the announcement that job losses would follow was not unexpected. Of the job losses it is understood that 300 are to go from various sites across the West Midlands, with over 100 jobs being lost in Darlaston alone. Other losses will come from sites in Hartlepool, Wrexham and Tredegar. Some of the sites are being reported to have closed with immediate effect and the remaining closures are timetabled for the following weeks. Unions have argued that keeping the sites operational is a realistic prospect, but no rescue packages have been forthcoming.
Update 28/11/2015:It has been announced that job losses at Caparo have been averted as the company has managed to find a buyer for various parts of the business, reducing the total job loss to just 43. Caparo Testing technologies has been sold, which secures the future of 76 jobs. A larger number of jobs has been saved by the sale of Caparo Tublar Solutions. The sale of this business to the Liberty House metals group has resulted in the prevention of 333 job losses.
Eurofound (2015), Caparo, Merger/Acquisition in United Kingdom, factsheet number 85433, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85433.
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