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 Laboratoire français du fractionnement et des biotechnologies (LFB) has announced 120 job cuts as part of a reorganisation aimed at refocusing its activities. The pharmaceutical group, 100% state-owned, employs currently more than 2,300 people, including 1,800 in France. It is specialised in drugs derived from plasma or recombinant proteins, used in immunology, hematology and emergency medicine.
The reorganisation responds to criticism from the Court of Auditors (responsible for ensuring the proper use of public money) which, in its annual report, pointed to an 'over-ambitious' strategy of diversification in biotechnology. Decrease in production, failures at key points in drug manufacturing, governance problems, investment in biotechnology R&D that has yet to yield results are amog the issues listed in the Court of Auditors' report. The report says these issues caused a loss of €152 million representing more than 30% of LFB's turnover in 2017.
Eurofound (2019), Laboratoire français du fractionnement et des biotechnologies, Internal restructuring in France, factsheet number 96712, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96712.
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