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 API Group, the global manufacturer of foils and laminates used in packaging, has announced that its UK-based companies entered administration on 31 January 2020, making 155 employees in Scotland and the North of England redundant. Another 77 workers remain employed to operate the sites at a reduced capacity and support the closing down of the business.
The administrators confirmed the API Group had experienced challenging times and its US-based parent company decided to close the UK sites. They added that they were assisting the workers who faced redundancy. A representative of Unite the Union promised to support their members who had lost their jobs without warning and called for the Scottish Government and the local council to save the businesses.
The API Group makes specialised materials used in the packaging of goods, including cosmetics, perfumes, drinks and tobacco products. It is owned by the US-based holding company Steel Partners.
Eurofound (2020), API Group, Bankruptcy in United Kingdom, factsheet number 99792, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99792.