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.
Polish producer of mining machinery and equipment Kopex Machinery has announced that it will close down its subsidiary Wamag in Wałbrzych and cut all 154 jobs by the end of November 2016. Redundant workers will receive a severance pay. The company argues that Wamag has lost financial liquidity and is not profitable anymore, while the local trade unions claim that the company still has got production orders. Workers has announced that they will protest against company’s decision.
The company is specialised in manufacturing of mining machinery. The Wamag plant has been operating for almost 200 years. Kopex Machinery was formed in 2012 by an alliance of three companies comprising the Kopex capital group: Zabrzańskie Zakłady Mechaniczne in Zabrze, Wamag in Wałbrzych, Ryfama in Rybnik. On 8 September 2016 the company announced 250 jobcuts at the plants located in Zabrze and Rybnik.
Eurofound (2016), Wamag, Bankruptcy in Poland, factsheet number 89021, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89021.