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.
Keppel Verolme, a ship and offshore machinery repair company that is part of the Singaporese Keppel Offshore & Marine group, will cut 96 out of 350 jobs at its shipyard in the Botlek Rotterdam harbour area. The cuts are necessitated by the continuing downturn in the oil and gas sector, which has led to a number of bankruptcies among potential clients of Keppel Verolme and is further leading many clients to delay repair and maintenance work, thus limiting the number of orders. The reductions will affect permanent employees in all layers of the company and there is no possibility of moving the affected workers to other parts of the company. Management and the unions will soon meet to negotiate a redundancy plan for the affected workers. Keppel Offshore & Marine has operations in Asia, Central Asia, Europe, the Middle East, Latin America and North America. Since January 2015 the group has cut 20,000 jobs because of the downturn in orders.
Eurofound (2016), Keppel Verolme, Internal restructuring in Netherlands, factsheet number 88978, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88978.