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 pharmaceutical manufacturer Corden Pharma announced the opening of a collective dismissal procedure for 125 of the 433 workers currently employed in Sermoneta (province of Latina). Administrative positions should be cut by 116 and 9 position will be cut in production.
The company justified its decision with the difficult economic situation it is facing, with operating losses of over €48 million in 2017 and €21 million in 2018, which require a reduction in the workforce. The previous restructuring plan, negotiated in January 2018 with the trade unions and local institutions, which should have encouraged voluntary exits, did not produce the expected results: indeed, only 58 workers left using the incentives.
Negotiations will last for 75 days, as per the procedure foreseen for collective dismissals.
Eurofound (2019), Corden Pharma, Internal restructuring in Italy, factsheet number 99145, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99145.