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.
NOV Mission Products has announced plans to close its manufacturing site in Gateshead in the North East of England, in a move which will lead to approximately 140 redundancies. According to the GMB union, around 180 workers have already been made redundant in recent weeks. NOV Mission Products manufactures valves and other fittings for the oil and gas industry, which itself has been beset by recent problems. The company, which is U.S. owned, cited falling orders as the reason behind its decision and intends to stop manufacturing sometime between April and September 2017. A 45 day statutory consultation period has been started.
Updated, 04/05/2017; Following an extended consultation period, it has been decided that the NOV factory in Gateshead will not be closed. Negotiations took place between management and the GMB union on behalf of the employees, during which time the market conditions experienced something of an upturn, and the decision was taken to discontinue the planned closure.
Eurofound (2017), NOV Mission Products, Closure in United Kingdom, factsheet number 89816, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89816.