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.
British Group GlaxoSmithKline (GSK) is to close its local factory Europharm in Brasov in March 2016. As a result 200 employees will lose their job. The group announced that the redundant employees will receive severance packages and support to find a new job. Some of the production may be transferred to Spain and Poland.
GSK had announced last year its intention to sell the plant due to over-production in the solid oral formulas.
The plant was set up in 1994 and manufactured drugs for the treatment of HIV/AIDS, respiratory disease, depression, the flu/anti-inflammatory. Later in 1996 the British Group acquired 65% stake in the Romanian factory and the remainder 35% in 2003.
Eurofound (2016), Europharm, Closure in Romania, factsheet number 86507, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86507.