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 American-owned Dutch aluminium producer Klesch Aluminium Delfzijl was declared bankrupt in August 2017, affecting all 175 employees working there as well as an additional 100 persons indirectly employed. The bankruptcy is said to be the consequence of financial problems experienced by Noble, their only client as well as their supplier of raw materials. Noble and the American venture capitalist Gary Klesch, who owns the aluminium plant, were reported not to have been able to agree on the necessary investments. Klesch Aluminium Delfzijl was acquired by the Klesch Group in 2015 after the bankruptcy of the plant in 2013, then called Aldel, and retained 175 jobs in the process. Negotiations are currently underway with investors to see if the plant may be saved. The Klesch Group trades in industrial materials and is active in more than seven countries, employing more than 1,000 persons.
UPDATE, 27/10/2017: The acquisition of the bankrupt Klesch Alumninium Delfzijl by American investor York Capital Management was announced on 13 October 2017. It will rename the aluminium producer DAMCO Aluminium Delfzijl Cooperatie U.A., or Aldel (its original name) for short. The factory has continued to operate with all its 175 full time staff, despite its bankruptcy. Investments are expected in 2018, increasing capacity and personnel up to 250 by the end of 2018.
Eurofound (2017), Klesch Aluminium Delfzijl, Merger/Acquisition in Netherlands, factsheet number 91925, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91925.
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