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.
The Company Castellón Automotive, specialised in manufacturing components and accessories for motor vehicles, announced the closure of its manufacturing plant in Torrejón de Ardoz (Madrid) before summer. The company has been working for more than 20 years for the multinational company Ford. However, at the end of 2016, Ford announced that it is going to finish the contract with Castellón Automotive.
According to the president of the workers committee, the company announced this situation to the workers in January, letting them know that, unless Ford changes its decision, a collective dismissal for the entire workforce (207 workers) will be presented in May and the plant will be closed. The trade unions and working committee members contacted with Ford, which has encouraged them to discuss the issue with their managers, noting also that Ford has the right to cancel the contracts with its subcontractors. According to the source it seems that the move to close down a European based factory could be linked to the recent economic policy changes introduced by the US administration.
Eurofound (2017), CSA Castellón Automotive , Closure in Spain, factsheet number 90356, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90356.