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 rocket launcher ArianeGroup has announced 2,300 full-time position cuts by 2023, out of a total workforce of 9,000 employees. The company motivates its decision with the 'end of the development of Ariane 6 and the need to increase competitiveness in the European rocket launch business'. According to the management, job cuts will be implemented without any forced dismissal.
ArianeGroup faces a sharp competition with U.S. entrepreneur Elon Musk’s SpaceX and other low-cost rocket launch firms. Even if Arianespace has been able to maintain its leading position in the market for launching civil satellites, the company has only signed three contracts since the beginning of the year. In addition to the slowdown in the satellite market, there is also the apparent reluctance of EU Member States to implement their commitments in favour of the future Ariane 6 launcher, which will take over from Ariane 5 from 2020. With two years to go before the first firing, Ariane 6's order book still has only 10 satellites, enough to carry out five firing operations, including three institutional orders. However, 'to achieve the objective of a stable rate of 11 Ariane firings per year, we need a base of 5 institutional firings per year,' Arianespace President recently recalled.
Eurofound (2018), ArianeGroup, Internal restructuring in European Union, factsheet number 96129, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96129.
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...
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