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.
Drilling equipment manufacturer National Oilwell Varco (NOV) Norway is cutting its staff by about 170 employees. NOV has undergone several rounds of restructuring over the past few years (see previous cases: 2016NO, 2015NO). The company previously cut its Norwegian staff from around 5,000 in 2015 to 1,720 in July 2017, affecting both hired consultants and permanent employees. The latest announced round of restructuring will affect 'up to 10 percent' of the remaining staff, namely about 170 employees. The selection of employees and sites affected is yet to be made, and this process will likely last at least until the end of September. The dismissal process is estimated to be completed by December 2017. A press release from the company states that its management in Norway regrets the strain such a situation is placing on the employees, and that it will try to conduct a tidy process, adhering to its responsibilities towards the affected parties. The company is restructuring in response to the low crude oil prices and to a sharp economic downturn with a negative result of 4 billion NOK (around €429 million) in 2016, when its revenue was reduced by 70 percent.
Eurofound (2017), National Oilwell Varco Norway, Internal restructuring in Norway, factsheet number 91459, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91459.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
