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.
Tyre manufacturer Michelin has announced that it is to close its factory in Ballymena, Northern Ireland. 860 jobs will be lost. Michelin has said that the site will be progressively run down until its final closure in mid-2018. The decision to close the site follows the decline in demand for truck tyres following the financial crisis. The British Chambers of Commerce argued that further job cuts are to be anticipated if the government does not provide greater support for export industries, and particularly those who are manufacturers. A spokesperson for the Unite union highlighted that in addition to the job losses of the 860 direct employees, the closure of the site would also result in the termination of approximately 500 contractor positions and many related jobs in the local economy would also be under threat.
Eurofound (2015), Michelin, Closure in United Kingdom, factsheet number 85461, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85461.