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 commercial court of Poitiers has agreed the takeover of the automotive supplier GM&S by GMD. The new owner will keep 120 of the 256 employees employed by the La Souterraine plant in the department of Creuse. The take over will lead to 156 forced dismissals. This offer is far from satisfying the employees and their trade unions. The court regretted 'the small number of employees taken over and the extreme low price of the sale'.
The difficulties of GM&S, the second private employer of the French department, took a political turn in spring. While the equipment manufacturer was near to liquidation, the employees started an intense mobilisation (threats of destruction of the factory, picketing of GM&S customers' sites, PSA and Renault manufacturers) to force the new government to support the site and to find a solution to keep its to main clients, the two French car manufacturers PSA Peugeot-Citroën (PSA) and Renault. The government obtained from GMD a takeover offer of EUR 1 under condition of some State orders in addition to the PSA and Renault promising orders for a value of EUR 22 million a year over the next five years. They will also invest EUR 15 million to modernise the site, alongside the state (EUR 5 million each).
Employees, who are claiming extra-legal compensation of EUR 75,000 per person, have the intention to continue the battle to reduce the number of job cuts as the reemployment of the 156 employees who will be dismissed will be very difficult in this geographical area 'where there are no industrial jobs', according to the union CGT. On 9 September, about 200 employees demonstrated in Guéret, the main city of Creuse, to protest against the 156 job cuts.
Eurofound (2017), GM&S, Merger/Acquisition in France, factsheet number 91881, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91881.
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