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.
Aceralia, the Spanish subsidiary of Arcelor, situated in Asturias, has shown losses amounting to € 16.4 million in 2003. The Arcelor Group has decided to restructure this production plant. These measures include redundancies and a € 500 million Investment Package within the next three years. Because the average age of the workforce in the production plant in Asturias is 54 years, the Job Reduction Plan would involve early retirement measures. Labour representatives have not yet agreed on the terms of the job reduction plan. The unions alleged that these measures do not guarantee the viability of the plant in Asturias as management left unaccomplished production measures proposed years before. On 25 September 2004 the company and labour representatives have agreed on the job reduction plan of the company. The measures involve early retirement for up to 8% of the labour force. On 16 October 2004, the company has agreed early retirement measures for up to 650 employees for the plants in Avilés and Gijón (Asturias).The company will hire up to 150 new workers. The final agreement includes flexibility measures for the employees.
Eurofound (2004), Aceralia, Internal restructuring in Spain, factsheet number 60326, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/60326.