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.
Oil and gas industry company Schlumberger has announced plans to close its site in Newtownabbey, Northern Ireland. The closure will result in the loss of 220 jobs. The multinational, which has had a base in Northern Ireland for over 60 years, designs and manufactures equipment used in oil and gas extraction. The company has highlighted the global downturn in the oil and gas markets as the main reason for its decision. The plans are subject to the statutory consultation process, though indications are that the final closure of the site is expected sometime in 2018. Unite the union is seeking to meet Schlumberger soon and demand answers to the decision.
Eurofound (2017), Schlumberger, Closure in United Kingdom, factsheet number 92359, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/92359.