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.
Riello, an Italian group which produces heating and water heating systems, is to cut 150 jobs (out of 333) at its plant located in Lecco. The company has taken this decision in order to increase its profitability and sales. For this reason, the company envisages to offshoring its production of burners and boilers for heating systems to Poland. Riello will maintain in Lecco the administration and the development and research divisions. Beginning from the 1st of June, the 150 redundant workers will benefit for one year of the ‘special’ Wages Guarantee Fund, a ‘social shock absorber’ that intervenes in cases of restructuring, reorganisation, change of activity or economic difficulties. Moreover, the reorganisation plan envisages new investments for the Riello plant located in Valtellina area and for the development and research area of Lecco. The trade unions reacted to the decision by taking several forms of industrial action in order to find ways to avoid the redundancies envisaged by the reorganisation plan. Riello is one of the world leaders in the production of burners for heating systems. It has nine plants and around 2,000 employees worldwide.
Eurofound (2008), Riello, Offshoring/Delocalisation in Italy, factsheet number 66622, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66622.