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.
American aluminum multinational Alcoa has announced the closure of two sites, in Avilés (317 employees) and A Coruña (369 employees). The company claims that these plants are the least productive of the group and that due to productive and technological problems it foresees that losses in both facilities will continue. One of the arguments put forward by the company is the high price of energy (that represents up to 40% of the costs in the production of aluminum). Alcoa announced a dismissal plan that will affect all employees in both factories.
The Ministry of Industry, Commerce and Tourism has shown its surprise and concern, asking for a negotiation process to look for alternatives, having similar reactions to the local authorities of Galicia and Asturias. However, the announcement has not surprised the workers: their union representatives maintain that the company has not been investing in either of the factories, causing a progressive loss of competitiveness.
Updated, 01/07/2019:
Alcoa has cancelled the sale of its Avilés and A Coruña plants to the Swiss investment fund Parter Capital two days before signing the agreement. The company says that the investment fund does not comply with the financial guarantees promised. After months of strikes, worker representatives ask the firm for another delay of the workforce adjustment and to restart the sale process.
Updated, 31/07/2019:
Alcoa has signed the transfer of its two plants to the Swiss investment fund Parter Capital, after it has presented the required economic guarantees, ensuring industrial activity and preventing collective dismissals for the following two years.
Update 16/03/2023
The final number of dismissed employees in A Coruña, Galicia has been fixed at 303.
For the affected employees in A Coruña, an application has been filed to support dismissed employees through the European Globalisation Adjustment Fund, which has been granted. The company's redundant employees are being supported through various allowances, such as training activities, with €1.2 million.
Eurofound (2018), Alcoa Europe, Closure in Spain, factsheet number 95704, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/95704.
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