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.
In January 2016, the management of the steel company NLMK Coating, a subsidiary of a Belgian company owned by the Russian group NLMK, announced its intention to close the facilities at Beautor (Aisne) in the Picardie region in the north of the Parisian region. According to French legislation, management has three months after the announcement to try to find a buyer for the company, before it is allowed to close. However, despite some initial interest, this period has lapsed without a successful purchase. Subsequently, a social plan was signed with the representative unions in April 2016 and 208 employees were dismissed. According to the plan, former employees are entitled to a reemployment leave scheme for up to 12 months to enable them to benefit from training and the services offered by an external consulting body while searching for new employment. Employees will continue to receive 78% of their net salary during this leave, and are entitled to unemployment allowance for two or three years, depending on age criteria. The plant is specialised in flat carbon steel processing (electro-galvanized steel). According to the union CFDT, the plant has cumulated losses of about €42 million over the last 5 years, mainly due to a decline in orders from car manufacturers which used to make up significant portions of the company's revenue (up to 90%) Furthermore, the plant has to deal with sharp competition from Chinese steel products. The closure of the plant has also reportedly contributed to the loss of a further 14 jobs due to the closure of Sotrasi, a subcontractor working exclusively for NLMK to handle the packing and loading of waggons.
Eurofound (2016), NLMK Coating, Closure in France, factsheet number 87613, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87613.
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