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 Amiens has agreed the takeover of the WN factory to Ageco Agencement, a company specialising in the layout of shops and local authorities. This offer plans to take over only 44 of the 182 employees and therefore leads to 138 redundancies. In May 2018, the Whirlpool plant was taken over and kept less than 200 out of the 282 employees working there. But, for more than two years, the employees of the former Whirlpool dryer factory have been working at a slower pace and under uncertainty. During this time, the plant has raised €12 million, mostly in subsidies: €7.4 million from Whirlpool (of which €5.3 million was used to pay late wages) and €2.5 million from the State. But due to a lack of orders, these sums were not enough to get the plant back on track. The company then found itself in a negative cash flow situation.
According to the Ministry of Economy, which conducted an audit on the use of this public funds, 98.5% of the expenditure was justified, even if there is a grey area of €179,000.
Eurofound (2019), WN, Merger/Acquisition in France, factsheet number 98773, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98773.
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