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.
Naturgy, the Spanish multinational electricity and gas company, has announced a voluntary redundancy plan that will affect at least 1,000 of its 5,318 employees in Spain. Additionally, 23 employees from the network operation in Galicia will be relocated to Madrid.
Any employee of any age can be affected by this measure. The company explains that the plan is intended to reorganise the workforce to adapt to the new conditions of the energy market – for example, decarbonisation, energy transition, greater competition, as well as efficiency and the digitalisation of processes.
The management has informed the unions that it will give two months to the workers in Spain to take advantage of this redundancy plan. The unions and the management are currently negotiating the conditions of these voluntary redundancies. According to the unions, the company wants to reach an agreement in a maximum of three weeks. The company's first offer involves a percentage of five years' salary depending on seniority. Thus, those older than 55 years would receive between 80-85% of five years' salary.
This restructuring plan takes place during the processing of the takeover bid over 22% of Naturgy shares by the Australian fund IFM, pending approval of the Spanish Government.
Updated, 23/07/2021:
Naturgy has closed its voluntary redundancy plan in Spain with the dismissal of 800 employees (15% of the workforce). Six hundred of them have already left the company, while the rest will leave by the end of 2021. According to the company, the implementation of the plan was carried out respecting the basic premise of bilateral voluntariness of workers and company, both in the request and the acceptance.
Eurofound (2021), Naturgy Energy Group , Internal restructuring in Spain, factsheet number 104660, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/104660.
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